Vijay Mallya faces heat, SC asks to disclose assets, banks reject Rs 4000 crore offer

Vijay Mallya : No longer King of Good Times

Vijay Mallya : No longer King of Good Times

The Supreme Court has in its strong directive directed beleaguered liquor baron Vijay Mallya to disclose to it all his assets — movable and immovable and tangible and intangible — and other interests in India and abroad by April 21.

An apex court bench comprising Justice Kurien Joseph and Justice Rohinton Fali Nariman asked Mallya to disclose all the assets held by his wife and children and also indicate the date when he could appear before it in person.

The order came after the consortium of 14 banks headed by the State Bank Of India (SBI) told the apex court that that it had rejected Mallya’s offer to pay Rs.4,000 crore by September to settle his outstanding dues amounting to more than Rs.9,000 crore.

A lawyer for Mallya told the Supreme Court last week that the former billionaire planned to repay Rs 4,000 crore to the banks by September and Rs 2,000 crore more if Kingfisher wins a lawsuit seeking damages from a plane engine-maker.

The banks had given loans to his grounded Kingfisher Airlines. The next hearing date has been set for April 26. (IANS)