Vijay Mallya faces PNB backlash after UK court order

Punjab National Bank (PNB) will conduct fresh valuation of beleaguered liquor baron Vijay Mallya's assets in the light of the UK High Court order, state-run bank's managing director Sunil Mehta said today.

"We have done valuation of Mallya's asset now we will do a fresh valuation and pursue disposal of assets to recover our debt," he said.

A UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Vijay Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore.

PNB is part of the 13-bank consortium led by State Bank of India.

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The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.

It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.