Union Cabinet approved the Fugitive Economic Offenders Bill, 2017

The Union Cabinet on Thursday approved the Fugitive Economic Offenders Bill, 2017 that particularly seeks to protect the interest of lenders left high and dry by absconding corporate defaulters. Once voted into law, the new legislation will empower investigating agencies to confiscate, and vest with themselves, any property of the absconding offenders without encumbrances. The Bill is likely to be tabled in Parliament in the second the part of the Budget session that starts March 6. The government, stung by the twin absconding cases of Nirav Modi and Vijay Mallya, would be hoping for a smooth passage of the Bill in the two Houses.