Vijay Mallya arrives for the second day of his extradition case at Westminster Magistrates Court in London on Tuesday. His lawyer Clare Montgomery accused several Indian parties, including the ruling BJP, of ‘making political capital from the Mallya case on the assumption there was a fraud’. Photo: APLondon: The Indian government’s fraud case against tycoon Vijay Mallya is baseless and politically motivated, his defence lawyer told a London court on Tuesday as she battled to prevent his extradition to his home country. The case against him centres on a series of loans Kingfisher Airlines obtained from Indian banks, especially state-owned IDBI Bank. She also said that the Indian government’s case revealed a “shocking” lack of appreciation of how companies function and of basic realities such as the effects of incorporation and the rights of shareholders.

Source: Mint December 05, 2017 13:18 UTC