Mumbai: UK-based businessman Vijay Mallya on Wednesday informed the Bombay High Court that he is not in a position to specify when he would return to India. He cited restrictions imposed by courts in England that he said prevented him from leaving the country.

The matter was heard by a Bench comprising Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad, in connection with two petitions filed by Mallya. One petition challenges his designation as a “Fugitive Economic Offender” under the Fugitive Economic Offenders Act (FEOA), while the other contests a court order formally declaring him a fugitive.

Senior advocate Amit Desai, appearing for Mallya, referred to Supreme Court judgments where writ petitions were heard even in the absence of petitioners.

He submitted that extradition proceedings against Mallya are ongoing in the UK and that his client is aware of them but is unable to leave English jurisdiction due to binding court orders.

The Chief Justice, however, questioned Mallya’s intent to appear before the court, observing that he appeared to be relying on UK court orders without clarifying whether those orders had been challenged. The Bench indicated that such reliance could not be treated as a blanket justification.

The court directed Solicitor General Tushar Mehta to file a response to Mallya’s affidavit. It also asked Desai to submit a detailed affidavit placing on record all statements made during the hearing so that the Union of India could respond accordingly.

Granting three weeks’ time for further proceedings, the Bench noted that the petitions have been pending since 2019 and remarked that no sincere efforts appeared to have been made for their early disposal. The matter is now scheduled for a hearing on March 11.

According to the Finance Ministry, Mallya — former promoter of Kingfisher Airlines — is among 15 individuals declared Fugitive Economic Offenders as of October 31, 2025, allegedly causing losses of thousands of crores of rupees to Indian banks.

Earlier, the Enforcement Directorate (ED) submitted before the court that Mallya had filed affidavits disputing banks’ claims and was attempting to turn money laundering proceedings into recovery litigation. The agency further argued that he challenged the FEO declaration only after being declared a fugitive and when extradition proceedings in London had reached an advanced stage.

The Pakistan Stock Exchange (PSX) delivered a powerful performance on Wednesday as it staged a strong comeback, driven by heavy buying in banking and fertiliser stocks amid strong corporate earnings.

The benchmark KSE-100 index surged 5,702.68 points, or 3.29%, and settled at 178,853.10. It touched the intra-day high of 178,974 and low of 174,329, reflecting heightened volatility.

The rally was primarily led by major banking and fertiliser stocks as investors responded positively to encouraging earnings announcements. Institutional participation and renewed investor confidence helped push the market sharply higher after recent hefty losses.

KTrade Securities wrote in its market wrap that the PSX staged a strong comeback as the KSE-100 index closed at 178,853, gaining 5,703 points. The rebound came after consecutive weak sessions, driven by settlement transition concerns, margin pressure and political noise. With some of those pressures easing, the market witnessed aggressive covering of positions and renewed buying interest, it said.

The recovery was broad-based, led by banks and fertiliser firms, while strong corporate earnings further supported sentiment. Notably, Habib Bank announced impressive results along with a dividend of Rs6 per share, boosting confidence across the banking space alongside other major names.

Overall sentiment has turned constructive after the sharp pullback. If stability continues and corporate results remain supportive, this rebound could sustain in the near term. However, sustainability will depend on liquidity flows and clarity on the broader political and macro environment, KTrade added.

Topline Securities noted that the KSE-100 index posted a gain of 5,703 points, reflecting recovery in the market. The index moved within a band, touching intra-day high of 178,974 and low of 174,329. Support from heavyweights such as United Bank, Habib Bank, Meezan Bank, National Bank and MCB Bank underpinned the market’s performance, adding 2,699 points. In contrast, Pakistan Oilfields, Pioneer Cement and Adamjee Insurance weighed on the index, trimming 163 points, it said.

JS Global analyst Muhammad Hasan Ather commented that the KSE-100 staged a massive recovery as the index surged 5,703 points. The bullish reversal erased nearly all losses from the prior four sessions.

The rally was triggered by the State Bank reporting a $121 million current account surplus for January and anticipation of a federal relief package for the construction sector. While banking and energy stocks led the charge, the outlook remains cautiously optimistic. Further gains hinge on sustained macroeconomic stability and the rollout of industrial policy support, Ather said.

Arif Habib Limited (AHL) reported that stocks experienced a solid bounce following a 10% drawdown with a 3.3% gain day-on-day. Some 91 shares rose while seven fell with United Bank (+7.41%), Habib Bank (+10%) and Meezan Bank (+5.9%) contributing the most to index gains. In contrast, Pioneer Cement (-9.51%), Pakistan Oilfields (-1.01%) and Adamjee Insurance (-2.81%) were the biggest index drags.

HBL announced CY25 earnings per share of Rs48.48, up 14% year-on-year, and dividend of Rs20. Earnings were in line and the payout – the highest-ever – was above expectations. The sharp rally brings 180k back into focus for the remaining week, AHL added.

Overall trading volumes decreased to 698 million shares compared with Tuesday’s tally of 716 million. The value of traded stocks stood at Rs50 billion.

Shares of 484 companies were traded. Of these, 334 stocks closed higher, 103 fell and 47 remained unchanged.

K-Electric continued to lead the volumes chart with trading in 117 million shares, rising Rs0.57 to close at Rs8.39. It was followed by The Bank of Punjab with 71.1 million shares, gaining Rs1.66 to close at Rs35.78 and Pakistan Petroleum with 27.6 million shares, higher by Rs1.92 to close at Rs236.86. Foreign investors sold shares worth Rs2.3 billion, the National Clearing Company reported.