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  1. Banks suspect Vijay Mallya may flee India

Banks suspect Vijay Mallya may flee India

A consortium of Public Service Units (PSU) banks including the State Bank of India (SBI) on Tuesday moved the Supreme Court seeking to restrain the former liquor baron from leaving the country. The apex court will hear the plea tomorrow. Yesterday, the Debt Recovery Tribunal (DRT) barred Vijay Mallya from accessing Rs 515 crore of exit payment from Diageo over the loan default case.

By: | Published: March 8, 2016 12:49 PM

A consortium of Public Service Units (PSU) banks including the State Bank of India (SBI) on Tuesday moved the Supreme Court seeking to restrain the former liquor baron from leaving the country. The apex court will hear the plea tomorrow. Yesterday, the Debt Recovery Tribunal (DRT) barred Vijay Mallya from accessing Rs 515 crore of exit payment from Diageo over the loan default case.

The DRT order came after the SBI moved four applications before the DRT including one that sought his arrest and impounding of his passport.

The Enforcement Directorate has also registered a money laundering case over a loan default with IDBI.

Earlier, the Karnataka High Court issued a notice to Vijay Mallya and his defunct Kingfisher Airlines and nine other respondents on a petition filed by bankers, including SBI, seeking his arrest and impounding of his passport for defaulting on loans.

Thirteen bankers, including SBI, approached the High Court seeking arrest of Mallya and impounding of his passport along with two other pleas after they moved the DRT to take up their pleas on a priority basis.

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