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Disclose your overseas assets, SC tells Vijay Mallya

The Supreme Court on Tuesday told liquor baron Vijay Mallya to disclose in full the assets he holds overseas including the details of the $40 million he got from Diageo in February. Saying it was

India TV Business Desk, New Delhi [ Updated: October 25, 2016 13:19 IST ]
SC asks Mallya to disclose his overseas assets
Image Source : PTI SC asks Mallya to disclose his overseas assets

The Supreme Court on Tuesday told liquor baron Vijay Mallya to disclose in full the assets he holds overseas including the details of the $40 million he got from Diageo in February.

Saying it was not happy the way he had made disclosure, Justice Kurian Joseph and Justice Rohinton Nariman said Mallya will furnish particulars of his foreign assets as he had given in respect of his assets in India.

The top court had wanted to know from the Union Government about his whereabouts. The Attorney General informed the apex court that Mallya was in England. The banks, in their plea, told the apex court that there was an outstanding loan of almost Rs. 9,000 crores against the businessman.

The banks have argued that the business tycoon has not been candid with the court regarding his assets, citing the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.

On April 26, the Supreme Court had directed Mallya to disclose his assets to the consortium. The banks also said the disclosures made by Mallya on his Indian and overseas properties were “vague”.

 

The banks also refuted Mallya’s allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs. 9,000 odd crores in instalments.

Agency inputs

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