Vijay Mallya has been living in a mansion near London. (File)
Fugitive tycoon Vijay Mallya who is wanted in India for alleged default on Rs 9,000 crore loans for Kingfisher airlines faced hearing in a Britain court which ruled that he should be extradited to India. Vijay Mallya, 62, will have the option of moving higher courts. Vijay Mallya left India in 2016 after a consortium of banks got together to start legal proceedings to recover the loans. He has been living in a mansion near London since.
Here are the highlights from Vijay Mallya's court hearing:
"(Vijay) Mallya is not likely to be extradited to India for months. Following the extradition judgment today, Mallya now has 14 days to appeal, during which period he wouldn't be arrested, but would remain on bail," explains Sarosh Zaiwalla, Founder & Senior Partner at UK-based law firm Zaiwalla & Co.
"It's a great day in pursuit of fight against corruption of those who siphon crores of bank money and run out of country. Decision to extradite Mallya is based on evidence as well as a resurgent, effective and robust willpower of Modi government to pursue these elements," says Law Minister Ravi Shankar Prasad.
BJP president Amit Shah says the credit of a UK court ordering extradition of fugitive businessman Vijay Mallya to India "entirely" goes to Prime Minister Narendra Modi who ensured that agencies were unrelenting in their pursuit of the man who "bled" banks here.
Chhattisgarh Chief Minister Raman Singh on UK court order: "It's a great success and a lesson for those who misuse the nation's properties. This is a result of the strong determined steps taken by the Prime Minister and the Finance Minister."
"I do regret the long process and legal battle one after another. I could have done something more productive. But it is what it is. I said everything in court. The settlement can be done," says Vijay Mallya after the court's ruling.
Asked for his reaction to Finance Minister Arun Jaitely's tweet that "no one can cheat India", Mr Mallya says: "He has not said it directly to me so I have no response to that."
The UK Home Secretary will have to sign Vijay Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
No one who cheats India will go scot-free, says finance minister Arun Jaitley on Twitter.
"I do not believe courts in India are there to do what politicians tell them to do," says UK judge.
CBI spokesperson on Vijay Mallya to be extradited to India tells ANI: "We hope to bring him soon and conclude the case. CBI has its own inherent strengths. We worked hard on this case. We are strong on law and facts and we were confident while pursuing extradition process."
Chief Magistrate Judge Emma Arbuthnot has found prima facie a case against Vijay Mallya for fraud, conspiracy and money laundering, report news agency ANI.
The matter of extradition of Vijay Mallya to India has been referred to the Secretary of State, according to news agency ANI.
Central Bureau of Investigation says it welcomes the decision after UK court orders extradition of Vijay Mallya to India.
Vijay Mallya to be extradited, says UK judge.
"The matter is going on before the Karnataka High Court as we speak. So let the High Court decide in due course," says Vijay Mallya in London, according to news agency ANI.
The businessman, Vijay Mallya, left India in 2016 as a group of banks started legal proceedings to recover the loans.
The Arthur Road jail, Mumbai's largest and oldest prison -- where the liquor tycoon will be kept -- has made all arrangements
and prepped a high security cell for Vijay Mallya if he returns to India, an official says.
"How genuine is your offer of settlement?" Vijay Mallya asked in London.
He says: "There is nothing genuine or ingenuine. Please understand that the offer has been made in a court of law. Nobody disrespects a court of law by making a bogus offer. The assets have been attached by the Enforcement Directorate on their own admission."
According to news agency ANI, Vijay Mallya says: "Whatever the judgement, my legal team will reveal the judgement and take proper steps thereafter. Yes, I have tweeted saying that I want to repay, that has nothing to do with this extradition issue. It's a completely separate matter."
"I have filed a comprehensive settlement application before the Karnataka High Court, which is also being heard today," he adds.
Vijay Mallya, out on bail since his arrest on an extradition warrant last year, has through recent tweets offered to repay the loan. "Wherever I am physically, my appeal is 'please take the money'. I want to stop the narrative that I stole money," he tweeted last week.