Vijay Mallya was accused of complete and deliberate breach of the Supreme Court of India’s directions. The Attorney General for banks argued in the court that the rules of the case require Mallya’s personal appearance before the Supreme Court. The banks told the Supreme Court that Mallya deliberately didn’t make full disclosure of his assets including 40 million dollars he received in February. The AG informed the media that no exemptions were allowed Mallya in the case. The Supreme Court is to have the next hearing on the case on September 27. The Supreme Court was hearing a contempt petition filed by the State Bank of India against the UB Group chairman. The SBI is leading a consortium of 17 banks who are seeking to recover RS 9,000 crore from his Kingfisher Airlines Ltd.
Earlier this year on April 7, the Court had asked Mallya to disclose all assets held by him and his family, after creditors declined his offer to pay Rs 4,000 crore to settle off debts of the Kingfisher Airlines. The liquor baron was directed to disclose all movable, immovable, tangible and intangible assets owned by him, his wife and his children. Mallya had later agreed to disclose his assets held by him in India to the Supreme Court under the condition that those details were shared with the banks.
The Supreme Court’s order came after after the group of 17 banks informed the court that they had rejected Mallya’s offer but were willing to negotiate a settlement. Earlier on March 13, Mallya had made claimed that Rs 2,494 crore were already recovered by the banks from Kingfisher Airlines in 2013. The UB group declined to comment on the developments.