BANKS REJECT MALLYA’S DEAL, SC ASKS HIM TO DECLARE ASSETS
The Supreme Court ordered Vijay Mallya on Thursday to disclose his assets in India and abroad within 13 days after a consortium of 17 banks led by State Bank of India rejected the liquor baron’s offer to clear half his dues by September.
A bench of justices Kurien Joseph and RF Nariman asked Mallya to prove his bona fides. It told him to file an affidavit by April 21 indicating how much money he would deposit with the Supreme Court to instil confidence in the consortium to negotiate with him. The affidavit will contain details of his wife and son’s assets, too. The court declined the banks’ request to direct Mallya to declare assets belonging to his former wife.
The bench seemed to agree with the consortium’s argument that Mallya’s presence was necessary to work out a settlement and told his lawyers to get instructions on when he could appear in court. Mallya left India in early March, triggering outrage as he was under probe by the Central Bureau of Investigation and the Enforcement Directorate over alleged loan defaults and illegally moving money out of the country.
CONTINUED ON P13
Vijay Mallya: 13-day deadline