Kingfisher Airlines Ltd - Enforcement Directorate issues fresh summons to Mallya to appear on April 2 - INDIAE
Kingfisher Airlines Ltd:The enforcement Directorate (ED) has issued fresh summons to Vijay Mallya, chairman of the now-defunct Kingfisher Airlines, asking him to appear before the agency on April 2, in connection with a money laundering case. - INDIAE.Mallya had on Thursday has asked for time till "early April" to appear before the ED.The agency, that is investigating Mallya under the strict Prevention of Money Laundering Act (PMLA) had earlier directed Mallya to appear in person before it on March 18.The ED is also planning to seek the Securities and Exchange Board of India (Sebi) report on the issue of alleged round tripping of shares of United Spirits Ltd in 2007. Sebi is investigating allegation of round tripping in six accounts that belong to Mallya.Mallya has come under the scanner of multiple investigating agencies such as the CBI, SFIO and ED. His company Kingfisher Airlines has defaulted on bank loans of over Rs 7,000 crore.The ED has already grilled Ravi Nedungadi, former president and CFO at UB Group and A Raghunathan, former CFO of Kingfisher Airlines in the alleged default of over Rs 900 crore loan from IDBI Bank.Apart from Mallya, the ED had also issued summons to over half a dozen officials of IDBI Bank and KFA under provisions of the Prevention of Money Laundering Act (PMLA) wherein all the individuals have been asked to submit details about their personal finances and I-T returns of last five years.