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.
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