SC directs Mallya to give details on overseas assets within 4 weeks
NEW DELHI: The Supreme Court ordered Vijay Mallya on Tuesday to give details of what he did with $40 million he received from Diageo — a British company — that bought his shares in United Spirits Limited in February just before he fled India.
A bench of Justice Kurien Joseph and Justice Rohinton Nariman criticised Mallya for not giving complete details of his assets abroad as per an earlier direction and being evasive about the transaction worth millions with Diageo.
Asking Mallya to file a fresh affidavit, the SC bench directed him to make a complete disclosure within four weeks of the properties and cash he holds.
“We are not happy the way you have filed your statements,” the bench said. “We are of the view that prima facie the respondent (Mallya) has not made a proper disclosure in terms of our order,” it ordered on an application filed by a conglomerate of banks, which said the liquor baron defied the Supreme Court order on April 27, asking him to reveal his and his family’s assets in India and abroad.
Mallya owes ₹9 000 crore to to offer any proposal to return the money.
Mallya’s counsel, senior advo cate CS Vaidynathan, however denied the allegation.
He said the liquor baron did receive the money but had spent it before March 31.
“The order asked me to revea the details of assets I (Mallya) owed till March 31. I (Mallya) got the money on February 25 (from Diageo) and spent it (before the deadline court fixed),” senior advocate CS Vaidynathan said.
“There was a specific state ment made against you with regard to $40 million. But instead of coming clean you file an evasive response. A great deal of things must have happened between February 25 and March 31. In 40 days 40 mil lions are spent. So you now tells us where did you spend it ” the