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Supreme Court issues notice against Vijay Mallya for flouting directive to disclose assets

India Blooms News Service | | Jul 25, 2016, at 05:15 pm

#Supreme Court #Vijay Mallya #notice #Disclosure of assets #Petition #Contempt proceedings

New Delhi, July 25 (IBNS) : The Supreme Court on Monday issued a notice to liquor baron Vijay Mallya for not disclosing his assets, reports said.

The notice was issued in response to a petition filed by the consortium of 17 banks which had sanctioned loans for the now defunct Kingfisher airlines of which Mallya was the Chairman.

The banks sought contempt proceedings against Mallya.

The court has also given more time to the Debt Recovery Tribunal to complete hearing in the Mallya loan default case.

In April, Mallya was directed by the court to disclose all assets held by him and his family, after the creditor banks rejected his offer to repay Rs. 4,000 crore to settle the debts.

It had asked Mallya, who is now in the UK, to deposit a "substantial amount" with it to "prove his bonafide" that he was "serious" about meaningful negotiations and settlement.

Mallya, the chairman of United Breweries, had later agreed to disclose a list of assets held by him in India to the Supreme Court.

Various agencies, including the Enforcement Directorate, are investigating into the cases of loan default and money laundering against Mallya, Chairman of United Breweries.

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