SC notice to Mallya on contempt plea for nondisclosure

The Supreme Court on Monday issued a notice against Vijay Mallya, who owes more than ₹9,000 crore to various banks, on a plea seeking contempt proceedings against him, alleging that he has not given full details of his assets to enable banks to recover their debt.

The top court had in April asked Mallya to disclose his income and assets after banks claimed the businessman owed them over ₹9,000 crore. According to the consortium of banks led by State Bank of India (SBI), the details submitted by Mallya before the (SC) bench in April was “vague”.

A bench headed by justice Kurien Joseph gave Mallya four weeks to respond to the notice.

Kingfisher Airlines (KFA), meanwhile, said it was not liable to repay the amount of money it owed to banks, since lenders had breached the terms and conditions of the master debt restructuring agreement between the two parties, which caused needless damages to the company’s business. letters@hindustantimes.com