Thursday, March 17th, 2016

Arun Jaitley promises tough action against Vijay Mallya, banks asked to recover every penny

Narada Desk | March 17, 2016 12:02 pm Print
Arun jaitley, Finance Minister

Arun jaitley, Finance Minister

Finance Minister Arun Jaitley  declined specific comment if his government considered industrialist Vijay Mallya an absconder but sought to assure that every penny that is due from him to state-run banks will be recovered.

Answering a specific question at the India Today conclave on Mallya, who is said to owe Rs.9,000 crore to 17 banks, most of them in the state sector, the finance minister said every agency in India, be it for enforcement or investigation, was on the job regarding the case.

“The facts are very clear: Every government agency will take strong action against him. Banks will go all out to recover every single penny,” Jaitley said about Mallya who left the country earlier this month amid charges of wilful default on bank loans worth thousands of crores.

Even as Jaitley was speaking, a consortium led by the State Bank of India was preparing for the auction of Mallya’s Kingfisher House at Jogeshwari in Mumbai, in a bid to recover a part of the the nearly Rs.7,000 crore debt due from the now grounded Kingfisher Airlines alone. ( IANS)