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A tougher law to confiscate fugitives' assets

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Spurred by the adverse publicity over liquor baron Vijay Mallya and former cricket administrator Lalit Modi leaving the country to evade legal 
proceedings, the government announced that it will bring a new law or amend the existing ones to confiscate the assets of such individuals.


"In the recent past, there have been instances of big-time offenders, including economic offenders, fleeing the country to escape the reach of law...
The government is considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the 
country till they submit to the jurisdiction of the appropriate legal forum," finance minister Arun Jaitley said.

When enacted, the move to confiscate assets could lead to the government attaching the assets of fugitives like Mallya, including shares controlled
by him in companies like United Breweries Ltd and United Spirits Ltd. 

However, it's not clear what happens if third party rights are already created on these assets, like in the case of Mallya who has pledged them as 
securities to multiple lenders. The existing laws have more limitations with regard to confiscation, which may go if there's a new law. 

02ND FEBRUARY, 2017, THE TIMES OF INDIA,NEW-DELHI

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