Tuesday, July 26, 2016

Apex court notice to Mallya on contempt plea by banks

New Delhi: The Supreme Court on Monday issued a notice to industrialist Vijay Mallya on a plea by a group of 17 lending banks for contempt action against him for not disclosing his complete assets, including the $ 45 million received from Diageo, the British liquor major.

A bench of Justices Kurian Joseph and R F Nariman sought response from Mallya, believed to be in the United Kingdom, and his defunct Kingfisher Airlines Ltd within four weeks on two applications filed by the banks consortium led by SBI.

The order came after Attorney General Mukul Rohatgi submitted that Mallya has not fully disclosed his assets. “He has also not disclosed the amount of $ 45 million received by him from Diageo,” Rohatgi pointed out.

The court had on April 26 directed for disclosure of all assets owned by Mallya and his family, including his estranged wife and children, to the banks, saying it would help banks in negotiations and final settlement. The consortium of banks had sought re-payment of Rs 9,400 crore given to Kingfisher Airlines Ltd.
26/07/16 Deccan Herald
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