BANKS RE­JECT MALLYA’S DEAL, SC ASKS HIM TO DE­CLARE AS­SETS

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Cor­re­spon­dent let­ters@hin­dus­tan­times.com

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

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