The Indian enforcement directorate (ED) could begin its second round of attachment process against liquor magnate and Force India team Principal Vijay Mallya.
Last week, in the fresh troubles for Mallya, his erstwhile group firm United Spirits disclosed $182 million worth fund diversion and improper transactions with entities associated with the beleaguered businessman including Kingfisher Airlines and his Formula One team.
This corporate announcement by USL has triggered the ED for another round of action against Mallya. Sources within the agency confirmed that Mallya’s might lose its F1 assets, soon. “We have enough materials and information in hand, that we could go for an attachment of assets linked with Force One (F1)”, the source within the agency said.
Kingfisher brand is the primary sponsor of Formula One team. In October 2011, Sahara India Pariwar purchased 42.5 per cent of the team’s shares for $100 million. Mallya’s retains 42.5 per cent and the remaining 15 per cent belongs to the Mol family. The team was renamed Sahara Force India as a result. Off late, Mallya and Mol did not sell any of their existing shares.