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.
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