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Disclose all overseas assets to banks: SC tells Mallya

Tue, Apr 26, 2016, 05:22 PM
New Delhi, April 26: The Supreme Court on Tuesday directed beleaguered liquor baron Vijay Mallya to disclose all the overseas assets held by him and his estranged wife and children to the banks which are seeking the recovery of more than Rs.9,000 crore in the principal and interest, loaned to his now-grounded Kingfisher Airlines.

The direction came after the court noted the unwillingness of Mallya to return to India and personally apper before it.

The banks would act on the disclosures in accordance with law, the apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman said, directing the disclosure of the assets Mallya holds abroad.

The court also directed the Bengaluru-based debts recovery tribunal to dispose of the matter pending before it expeditiously, possibly within two months.

The court recorded the statement of senior counsel C.A. Vaidyanathan that these assets held by Mallya, his estranged wife and children were not covered under the personal guarantee given by Mallya to the banks to return the loans that the consortium of 13 banks, headed by the State Bank of India (SBI), to his now-grounded Kingfisher Airlines.

The court also recorded a submission by Attorney General Mukul Rohatgi, reserving his right to refute the submission made on behalf of Mallya.

Mallya had submitted the details of the overseas assets held by him and his estranged wife and children in a sealed cover to the court.
Agency: IANS

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