Indian fugitive Mallya offers to sell assets to repay loans

Tired of relentless pursuit by Indian investigation agencies and facing an extradition trial in London for alleged money laundering, fugitive tycoon Vijaya Mallya (pictured) has finally sought the permission of Karnataka High Court to let him and his United Breweries Holdings Limited (UBHL) sell their assets to repay creditors. In a letter released to press, Mallya said UBHL and himself have filed an application before the Karnataka High Court on June 22 to sell available assets worth Rs 139 billion ($2 billion) under judicial supervision. He also made public his letters to Prime Minister Narendra Modi and Finance Minister Arun Jaitley written in April 2016 to put things in the right perspective adding that the two leaders did not respond to them. Mallya, who is wanted in India for defaulting on loans, fled the country in March 2016. He has been living in London since then ignoring summons from Indian courts and law enforcement agencies to appear before them for trial in various cases.