Prevention of Money Laundering Act Court Special Judge M.S. Azmi ordered issue of the notice to Mallya after taking cognisance of the recent second ED chargesheet and its application on June 22 seeking to invoke the charges against him under the FEO Ordinance.
This is first time that action has been initiated invoking the new Ordinance promulgated by the government to tackle fugitive bank loan defaulters.
If Mallya -- currently holed up in the United Kingdom -- fails to honour the special court's summons, he could be proclaimed a "Fugitive Economic Offender", and all his properties can be confiscated.
The special court has earlier issued non-bailable arrest warrants in Mallya's name in the two main cases lodged by the ED, but he has denied all charges against him.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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