Supreme Court issues notice to Vijay Mallya over contempt petition filed by banks

By: | Updated: July 25, 2016 11:05 AM

The Supreme Court today issued a notice to beleaguered industrialist Vijay Mallya, over a contempt petition filed by banks, for not disclosing his assets.

Supreme Court, Vijay Mallya, Vijay Mallya assets caseSC has issued a notice to Vijay Mallya on a plea that sought contempt proceedings against him alleging that he has not given full details of his assets. (PTI Photo)

The Supreme Court today issued a notice to beleaguered industrialist Vijay Mallya, over a contempt petition filed by banks, for not disclosing his assets. The apex court has issued a notice to Mallya on a plea that sought contempt proceedings against him alleging that he has not given full details of his assets. The court has also given more time to the Debt Recovery Tribunal to complete hearing in the Mallya loan default case.

In April, Mallya had been directed by the court to disclose all assets held by him and his family, after his creditors rejected his offer to repay Rs. 4,000 crore to settle the debts of the grounded Kingfisher Airlines. Mallya, who is the chairman of United Breweries, had later agreed to disclose a list of assets held by him in India. However, he said that he will make the declaration to the Supreme Court and  requested the apex court to not pass on the information regarding his India assets to banks. Mallya is under probe from both the Enforcement Directorate and the Central Bureau of Investigation (CBI) for a Rs 9,000 crore loan scam. The banking consortium had moved against Kingfisher Airlines Ltd in 2013 for defaulting on loans.

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