Vijay Mallya should disclose overseas assets :SC

Supreme Court of India

Mallya quits USL in $75 mn deal with Diageo

The Supreme Court rejected Vijaya Mallya’s contention that banks have no right to seek the information about his foreign assets. Court ruled that banks owed more than a billion dollars by Vijay Mallya are entitled to the details of the assets owned abroad by his family and Mallya.

The 60-year-old liquor baron , who has refused to return from the UK to India to face banks , had argued that because the loans given to his Kingfisher Airlines were not based on properties and other investments he made outside India, banks had no right to seek information about them.

Mr Mallya’s lawyer told the top court today that he has no information on when the liquor baron plans to come back.

The government has cancelled his passport, and a Mumbai court has issued an arrest warrant for him after he ignored three orders to meet with investigators in Mumbai