Non-disclosure of assets: Supreme Court seeks Vijay Mallya’s response

Representing a consortium of 17 banks led by SBI, the AG said that Mallya was accountable to the public money and that actions should be taken against him for not coming out clean despite the court order to give truth details of all his assets.

By: Express News Service | New Delhi | Published: July 26, 2016 1:47 am
vijay mallya, vijay mallya news, vijay mally case, vijay mallya assets, kingfisher, kingfisher airlines, kingfisher loan, vijay mallya loan, vijay mallya house The court had on April 26 directed for disclosure of all assets Mallya and his families including of his estranged wife and children, saying it would help banks in negotiations and final settlement.

The Supreme Court sought a response from elusive business tycoon Vijay Mallya on a plea by banks to initiate proceedings against him for allegedly not disclosing his full assets in terms of the court order.

“This gentleman (Mallya) has not complied fully with the orders of the court and he has not disclosed all the details about his assets. He has also not disclosed the amount of $45 million received by him from Diageo (British liquor major),” Attorney General Mukul Rohatgi told a bench of Justices Kurian Joseph and Rohinton F Nariman.

Representing a consortium of 17 banks led by SBI, the AG said that Mallya was accountable to the public money and that actions should be taken against him for not coming out clean despite the court order to give truth details of all his assets.

On July 14, Rohatgi claimed, Mallya had provided wrong details of his assets in a sealed cover to the apex court. He further said a lot of information had also been concealed, including a cash transaction to the tune of Rs 2500 crore, which amounted to contempt of court. Earlier, the court had sought details of assets from Mallya in a sealed cover.

The consortium of banks, which has sought re-payment of loan of Rs 9000 crore, contended that the promoter of the airlines did not comply with the apex court’s direction for giving complete details of assets owned by him and his immediate family.

The court had on April 26 directed for disclosure of all assets Mallya and his families including of his estranged wife and children, saying it would help banks in negotiations and final settlement. Rohatgi had earlier claimed that Mallya is “a fugitive from justice in India,” and was playing “hide and seek” and cooking a “cock and bull story” about settling the dues and reasons for non-disclosure of his assets. He said Mallya was deliberately concealing facts as he had no intention to come back.

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