1. Vijay Mallya case: SC directs to disclose entire assets within a month

Vijay Mallya case: SC directs to disclose entire assets within a month

The Supreme Court on Tuesday directed Vijay Mallya to file a detailed affidavit about his entire assets within a month.

By: | Published: October 25, 2016 1:16 PM
vijay mallya, kingfisher, vijay mallya case, supreme court vijay mallya The SC was to hear a plea filed by a consortium of banks led by the State Bank of India(SBI) against Vijay Mallya for the recovery of an amount, that is more than Rs 6,000 crores. (Reuters)

The Supreme Court on Tuesday directed Vijay Mallya to file a detailed affidavit about his entire assets within a month. The SC said that the next hearing would be on November 24. The SC was to hear a plea filed by a consortium of banks led by the State Bank of India(SBI) against Vijay Mallya for the recovery of an amount, that is more than Rs 6,000 crores.

The consortium had earlier approached the SC and sought its intervention in getting Mallya back to the country so that he could return the large sum of money he had loaned from these banks. The apex court had also wanted the Union government to inform about Mallya’s whereabouts. The Attorney General had informed the Supre Court that Mallya was residing in England. The banks had informed the SC that an outstanding loan of Rs 9,000 existed against the businessman.

The banks had earlier argued that Mallya had not been completely honest regarding all his assets. Mallya had cited the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd. Earlier on April 26, the apex court had directed Mallya to discuss his assets to the consortium of the banks. The banks had accused Mallya’s disclosures of being very vague.

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