The Bombay High Court on Thursday dismissed an appeal filed by Vijay Mallya seeking a stay on the Enforcement Directorate's request to a trial court to initiate proceedings against him under the fugitive Economic Offenders Act, ANI reported.
The ED wants Mallya to be declared a fugitive economic offender and his properties to be confiscated under the act.
The ED also sought an order to seize all his properties, whose worth is estimated to be around Rs 12,500 crore.
The Fugitive Economic Offenders Act, 2018 is a new law that got the nod from the President in August earlier this year.
Under the new law, an economic offender is the person against whom warrants for arrest are issued for his involvement in economic offences involving at least Rs 100 crore or more and has left India to avoid prosecution.
(With inputs from ANI.)
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