A tougher law to confiscate fugitives' assets
Thursday, February 2, 2017 IST
Spurred by the adverse publicity over liquor baron Vijay Mallya and previous cricket administrator Lalit Modi leaving us of a to prevent criminal court cases, the government introduced that it'll deliver a brand new law or amend the existing ones to confiscate the belongings of such people.
"In the latest beyond, there were times of massive-time offenders, such as economic offenders, fleeing the united states to get away the attain of regulation.
The government is considering the advent of legislative modifications, or maybe a new regulation, to confiscate the belongings of such men and women located within us .Until they put up to the jurisdiction of the appropriate felony forum," finance minister Arun Jaitley stated.
while enacted, the pass to confiscate belongings should cause the authorities attaching the assets of fugitives like Mallya, along with stocks managed by way of him in companies like United Breweries Ltd and United Spirits Ltd.
However, it's no longer clear what happens if 0.33 celebration rights are already created on these belongings, like in the case of Mallya who has pledged them as securities to a couple of lenders. the prevailing laws have greater limitations in regards to confiscation, which may match if there's a new regulation.
Related Topics
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 64K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 9K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 9K views . 7 min read
True – Tr...
Recently posted . 8K views . 83 min read
More in National
New Delhi: The Reserve Bank of India (RBI) is expected to keep its key interest rate unchanged in its monetary policy review on Wednesday, i...
Recently posted. 737 views . 15 min read
The two Naval variants of the jet had been parked in a desolate spot in a hangar in Bengaluru, their future bleak, before one of the fighters was taken out for a ...
Recently posted. 768 views . 1 min read
The weapon system is equipped with state-of-the-art guidance kit comprising of an advanced navigation and control system.
Recently posted. 679 views . 1 min read
Recently posted . 1K views
Recently posted . 441 views
Recently posted . 2K views
Recently posted . 2K views
Recently posted . 3K views . 34 min read
Recently posted . 4K views . 57 min read
The Enforcement Directorate told special judge Arvind Kumar that 36 businessmen, including Vijay Mallya and Nirav Modi, have fled from the country in the recent p...
Recently posted. 652 views . 1 min read
Most people tend to think that making a significant difference in a lake, river or ocean requires a lot of resources, money, time, connections, and a lot of people ...
Recently posted. 740 views . 2 min read