Vijay Mallya skips ED for third time, seeks time till May

The agency had issued fresh summons last week to Mallya asking him to appear on April 9 after he sought two extensions from the earlier dates of March 18 and April 2 citing official reasons.

Written by Khushboo Narayan | New Delhi | Updated: April 10, 2016 2:07 am
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Vijay Mallya, chairman of the now defunct Kingfisher Airlines, on Saturday, did not present himself before the enforcement directorate officials in connection with alleged money laundering probe in the over Rs 900 crore IDBI loan fraud case, according to official sources.

Mallya, said ED sources, has once again sought time till May to depose before the agency in case registered against him under the Prevention of Money Laundering Act (PMLA). Sources said Mallya, however, has suggested his legal team can help ED in the investigation. This is the third time when Mallya has not appeared before the ED despite being summoned.

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The agency had issued fresh summons last week to Mallya asking him to appear on April 9 after he sought two extensions from the earlier dates of March 18 and April 2 citing official reasons. The ED has already issued three summons to Mallya, the maximum time allowed under PMLA.

Since Mallya has failed to appear before ED officials once again , the investigating agency has two options in the case. The ED can either revoke Mallya’s passport or move court to obtain a non-bailable warrant against him.

Official sources said the ED is yet to decide its next course of action in the case. According to an official, Mallya has informed the agency that he is trying to settle bank loans.

Kingfisher Airlines has defaulted on bank loans of over Rs 7,000 crore. Kingfisher owes over Rs 9,000 crore to 17 banks in the country. The company and it’s senior officials including Mallya have come under the scanner of multiple investigating agencies in the country such as the CBI, SFIO and the ED.

The Supreme Court is also hearing a case filed by the banks against Mallya over settlement of loans. The Supreme court has directed Mallya to disclose his assets in the court.

The apex court issued the directive after State Bank of India-led consortium of public sector banks rejected his Rs 4,000-crore loan repayment proposal.

Banks informed the court that Mallya’s offer to pay Rs 2,000 crore upfront and another Rs 2,000 crore by September is not acceptable to them. Banks said Mallya has been informed about the rejection of the offer and a revised proposal was mooted by his representatives two days ago but it was also not satisfactory and the chances of getting the money looked distant.

SBI and Punjab National Bank have already declared Kingfisher as a wilful defaulter. The Supreme Court bench had last month questioned the public sector banks over advancing loans to Mallya and his companies without securing enough assets as collateral.

 

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  1. T
    TIHAEwale
    Apr 9, 2016 at 9:27 am
    Vijay Mallya the day you enter India night stay will be in TIHAR residency unless dyurappa can bail u out with his new found admirer Feku56 who has now realised it is only dyruappa who can get him re elected
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    1. M
      Madras
      Apr 9, 2016 at 1:32 pm
      Don't worry Mallaya, enjoy your stay RAW does not know where you are, like it does not know where Thief of Air Force Criminal Thyagi is OR Sushma's agent Lalit Modi is.
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      1. A
        AJAY DANDGAL
        Apr 9, 2016 at 1:45 pm
        Rich became poor.simply wasted money
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        1. D
          Deshu
          Apr 9, 2016 at 10:36 am
          Let us not blame Vijay Mallya for loan defaulter but blame only Banks authorities who had given him loan without proper securities which generally banks take while giving loan to Aam Aadmi. Vijay Mallya has many political leaders as god fathers.That is why he was advised to run away from India before getting arrested.He is a close to all political parties specially Congress, BJP,JD(S). As they are are in power nothing going to happen Corporate sectors it is taken into granted that Loans taken from Nationalized Banks are not to be returned but share with political parties/Bank Managements at higher level.NPA is rising not because of ordinary loan takers who are generally honest and returns loan with heavy interest in time due to fear of jail or encash or auction of securities like house/land etc.Let us to see how our Judiciary forcing Govt to recovers loans from him.
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          1. A
            Arun
            Apr 9, 2016 at 10:53 am
            It was dangerous for some of our political leaders and Chairmen/General Managers of Nationalised Banks who had given him loan with pressure of political leaders /commission (Bribes), had Vijay Mallya been arrested as he would have disclosed names of leaders/Bank managers whom he favored financially.Nothing going to happen as our judiciary/executives are too weak rather not interested to take any action against celebrities.All are functioning like hands in gloves.VM tusi Gr8 Ho ! Mera Bharat Mahan Hai.One must born in India as Celebrity and not as Aam Aadmi.Jai Jo!
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            1. A
              Arun
              Apr 9, 2016 at 10:56 am
              Jai Ho !
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              1. A
                ASHOK KUMAR
                Apr 9, 2016 at 9:38 am
                So long as Mallaya enjoys the patronage of Modi and Jaitley, nobody can touch him ,yes even the Supreme Court.
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                1. T
                  T DUTTA
                  Apr 9, 2016 at 11:54 am
                  IS HE COMING TO SEE THE IPL FINAL ON 29 MAY?
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                  1. G
                    GMKEEDA
                    Apr 9, 2016 at 10:44 am
                    If ED can give a long rope to Ajit Pawar and Sunil Tatkare (they were given postponement on account of festivals!), why not Sri Sri Vijay Mallya of the Art of Leaving? Postpone his case till May 2116.
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