Road to recovery: Here's what India can and cannot get from Mallya

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Though a UK High Court judge has issued an enforcement order in favour of 13 Indian banks seeking to recover dues from liquor baron Vijay Mallya, we look at how most of the properties he owns are not in his name and hence won't be of any use to the recovery officials. Here's a list of properties that can and cannot be seized

On July 5, a UK High Court judge issued an enforcement order in favour of a consortium of 13 Indian banks allowing them to enter, search and seize goods from Mallya's current location.

Following this, Mallya had said that he will comply fully with court enforcement officers, but there was not much for them to take as his family's lavish residences "were not in his name". He had said that he still owns a few cars, a few items of jewellery and would hand them to the recovery officials himself.

India can get:

Sahara Force India Formula 1 Team

Vijay Mallya owns a 42.5 per cent stake in Sahara Force One F1 team. Recently, he stepped down from his position as Managing Director and elevated his son Siddharth as the new Force India team Director. However, the fugitive businessman continues to remain a shareholder and Team Principal of the Formula 1 team. The officials can, however, ask Mallya to sell his shares and recover money.

India can get:

Kunigal Stud Farm

The United Racing and Bloodstock Breeders, owned by Mallya, took the Kunigal Stud Farm on lease in 1987. The 450-acre property, in the district of Tumkur of Karnataka, boasts an equestrian history dating back to the 1760s, when Tipu Sultan set it up to raise his war horses. Mallya's lease reportedly expires in 2022 making it a hot property for the recovery officials.

India can get:

Mabula Game Lodge

Spread over 12,000 hectares, this property is located two hours North of Johannesburg and is South Africa's finest private game reserves. Mallya owns a 99.5% stake in the 25,000-acre game reserve, for which he paid $6 million. The lodge had 47 rooms, including 3 suites, and housed several animals and birds. Reports suggest that the lodge was in a shambles and looking for a new owner. The property, which is still under Mallya, can fetch a good price going by the current market rates.

India can get:

Trump Plaza plush condo

In 2010, Mallya had bought three condos in Trump Plaza for $2.4 million. Among the three, two of the flats are jointly owned by him and his daughter Tanya. The officials might get lucky in getting their hands on one of the apartments which is reportedly in his name.

India can get:

Fleet of cars and collectibles

Mallya's assets in England also include a fleet of cars on which he spends Rs 14 lakh a month maintaining. He owns a Porsche Cayenne worth 70,000, a Range Rover worth 60,000, a Ferrari F430 worth 80,000, a Mini Cooper worth 16,000 and a Bentley Turbo worth 10,500. In his declared list of assets, he has the sword of Tipu Sultan, one of his Maybach 62 cars and his Maybach 57 car. All this is on the list of recovery.

India cannot get:

Ladywalk and Bramble Lodge in Tewin, Hertfordshire

Vijay Mallya bought this 15 million mansion, spread across 30 acres, from the father of British Formula 1 champion Lewis Hamilton. It was bought under a company called Ladywalk LLP with offshore links. The mortgage is in the name of Ladywalk LLP.

Records show that Ladywalk Investments, registered in offshore tax haven, the British Virgin Islands, lent Ladywalk LLP Rs 65 crore in 2015 to purchase the property. Ladywalk Investments is wholly owned by Sileta Holdings Ltd, which is a trustee of the Sileta Trust, where Mallya is likely to be the beneficiary.

This property is reportedly in the name of Mallya's children and making it untouchable for the recovery officials.

making them untouchable

India cannot get:

18/19 Cornwall Terrace on Baker Street

The lavish town house is worth tens of millions of pounds overlooking Regent's Park - is owned by the British Virgin Islands-based company Rose Capital Ventures. The company is owned by Gladco Properties Inc, which is owned by Continental Administration Services Ltd (CASL), based in offshore tax haven St Kitts and Nevis, which is a trustee of the Sileta Trust, a Mallya family trust. Other reports say that the house is in his mother's name and will be out of recovery ambit.

India cannot get:

Keillour Castle in Perthshire, Scotland

The castle, located in Perthshire, Scotland, was acquired by Mallya when he was overseeing the acquisition and transition of Scottish whiskey brand Whyte & Mackay in 2007. United Spirits Limited, which was acquired by Diageo, has taken over this property, making it unaccessible for the recovery officials.

India cannot get:

Royal Challengers Bangalore team

Though the T20 team was his prime possession, he lost control over the team because of the Diageo deal with United Spirits. RCB is now controlled by USL (in which Diageo holds the controlling interest) and will be of no use to the banks.

India cannot get:

Indian Empress

The super-yacht, he used for entertaining at races in Monaco and Abu Dhabi, was "effectively abandoned" by Mallya in September last year with unpaid wages over $1 million. It was recently sold at an auction in Malta.