London: Indian Fugitive Business Tycoon Vijay Mallya And his family is set to be evicted from his multimillion-pound London home after the Swiss bank mortgaged it UBS The right to take it back and sell it won in court on Tuesday.
Mallya lives in the lavish Grade-1 listed house 18-19 Cornwall Terrace – two terraced houses converted into a single house – opposite Regent’s Park, his 34-year-old actor son Siddhartha and his 95-year-old mother Lalita, along with wife Lalita. Late industrialist Vitthal Mallya.
If the family does not move immediately of their own free will, they can be evicted from the house by the bailiff.
At the end of the hearing at the Chancery Division of the High Court in London on Tuesday, UBS’s barrister, Fenner Moran QC, said the bank would not delay any enforcement proceedings. The house is worth millions of pounds.
Deputy Master Marsh of the High Court in London on Tuesday rejected Rose Capital’s application for a stay on enforcement and declined to hold any appeal pending Tuesday’s ruling. It refused permission to appeal, saying: “Rose Capital’s position is absolutely hopeless.” He added that the company has “more than enough time to resolve this and I am satisfied that there is no real possibility that another judge will take a different approach and that you will succeed on appeal.” Daniel Margolin, representing Mallya, said: “This will have dire consequences for my clients, which include Vijay Mallya and a woman of about 95 years old.” He requested for a “stay on the execution of the pending appeal in the event of the arrival of the enforcement officers in the next few days”. It was refused.
Although Rose Capital and Mallya sought permission to appeal to a different judge to challenge Tuesday’s ruling, bailiffs can now enter the house since there is no stay. Mallya has another house in Tevin, Hertfordshire, which he bought from Anthony, father of Formula One driver Lewis Hamilton, which was worth over Rs 100 crore.
Mallya lives in the lavish Grade-1 listed house 18-19 Cornwall Terrace – two terraced houses converted into a single house – opposite Regent’s Park, his 34-year-old actor son Siddhartha and his 95-year-old mother Lalita, along with wife Lalita. Late industrialist Vitthal Mallya.
If the family does not move immediately of their own free will, they can be evicted from the house by the bailiff.
At the end of the hearing at the Chancery Division of the High Court in London on Tuesday, UBS’s barrister, Fenner Moran QC, said the bank would not delay any enforcement proceedings. The house is worth millions of pounds.
Deputy Master Marsh of the High Court in London on Tuesday rejected Rose Capital’s application for a stay on enforcement and declined to hold any appeal pending Tuesday’s ruling. It refused permission to appeal, saying: “Rose Capital’s position is absolutely hopeless.” He added that the company has “more than enough time to resolve this and I am satisfied that there is no real possibility that another judge will take a different approach and that you will succeed on appeal.” Daniel Margolin, representing Mallya, said: “This will have dire consequences for my clients, which include Vijay Mallya and a woman of about 95 years old.” He requested for a “stay on the execution of the pending appeal in the event of the arrival of the enforcement officers in the next few days”. It was refused.
Although Rose Capital and Mallya sought permission to appeal to a different judge to challenge Tuesday’s ruling, bailiffs can now enter the house since there is no stay. Mallya has another house in Tevin, Hertfordshire, which he bought from Anthony, father of Formula One driver Lewis Hamilton, which was worth over Rs 100 crore.
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