SC asks Vijay Mallya to fully disclose foreign assets in four weeks
The order was in connection with the Rs 900 crore loan default case filed by a consortium of public banks led by State Bank of India
The Supreme Court on Tuesday asked Indian liquor baron Vijay Mallya to fully disclose all his foreign assets in four weeks, including $40 million he received after his exit from United Spirits (USL).
The order was in connection with the Rs 900 crore loan default case filed by a consortium of public banks led by State Bank of India.
The consortium approached the apex court seeking its intervention in bringing back Mallya to India and also repayment of money.
A bench comprising justices Kurian Joseph and Rohinton F. Nariman directed Mallya to submit the details of his foreign assets with particular details of the cost, address and other key information.
The court said: “Prima facie, we do not believe that Mallya has made a full disclosure of his assets.”
The SC had earlier directed Mallya to disclose his assets to the consortium. Attorney General Mukul Rohatgi, who represented the consortium of banks, requested the court to issue summons against Mallya.
Rohatgi told the court: "Every entry in his statement of assets is done with the purpose to deceive. Persistence of his defence makes his offence more grave.”
However, Mallya's counsel told the top court that the $40 million was not paid to him in cash and “was already spent and did not exist on the date of disclosure.” His counsel also assured the court that Mallya will furnish the details within the given time.
Last week, the Karnataka high court directed Mallya to appear before it on 24 November for framing of charges in a case filed by the SBI. The case was filed in connection with Mallya’s violation of an undertaking to the Bengaluru bench of the Debt Recovery Tribunal (DRT).
The liquor baron left the country in March and is currently said to be living in Britain.