ED issues fresh summons to Vijay Mallya
This is for the third time the ED has issued summons to Mallya in connection with a money laundering probe related to alleged fraud in a loan given to him by IDBI for the now defunct Kingfisher Airlines.
Mallya reportedly told the ED that he is busy negotiating with banks and that he will not attend the hearing.
Mallya reportedly informed the official that cases related to bank loans are being heard in the Supreme Court and he is trying to settle these loans with the help of his legal and corporate teams. If Mallya does not show up after the third summons, the law empowers the agency to move court.
Mallya and Kingfisher Airlines Limited had on March 30 submitted to the Supreme Court in a sealed cover a proposal for repayment of Rs. 4,000 crore out of the loan amount of Rs.6,903 crore to the consortium of banks led by State Bank of India by September this year.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
