RS Ethics Panel to discuss #Mallyagate

The Rajya Sabha’s Ethics Committee will meet at 4.30 PM on Monday (April 26) to discuss action to be taken against Liquor baron Vijay Mallya. Mallya was elected to the upper house in 2002 as an Independent member from his home state Karnataka with Congress and Janata Dal-Secular support. In 2010, he was re-elected for a second term, this time with the backing of the BJP and the JD-S. His tenure will end in July. The ED has registered a money laundering case against Mallya and others based on an FIR registered last year by the CBI. The agency is not only investigating the financial structure of the now defunct Kingfisher Airlines but also looking into any payment of kickbacks to secure loans from IDBI and probing laundering of funds to overseas destinations by the group. The agency had alleged that Mallya had siphoned off Rs 430 crore of the IDBI loan and used this money to acquire properties abroad, a charge denied by Kingfisher.
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