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Vijay Mallya tells Supreme Court that Banks have no right to demand details of my assets

Beleaguered businessman Vijay Mallya on Thursday filed an affidavit in loan default case in the Supreme Court and said banks have no right to demand details of his assets, according to NDTV reports.

He further told the court that NRIs are not obliged to disclose overseas assets.”Overseas assets aren’t considered when granting loans,” he added.

The liquor baron has sought permission to file the information in sealed cover on June 26, 2016.

He further sought lifting of Debt Recovery Tribunal’s order on share sale and said he is ready to deposit Rs 1,591 crore in Supreme Court.

Mallya who is facing legal proceedings for default of loans worth Rs 9,000 crore from various banks was directed by Supreme Court to disclose by April 21 the total assets owned by him and his family in India and abroad.

The apex court had also asked Mallya to deposit a substantial amount with it to prove his bona fide that he was serious about meaningful negotiations and settlement.

The State Bank of India-led consortium of 17 banks that have a Rs 9000-crore exposure to the now-grounded Kingfisher Airlines, had also rejected Mallya’s last ditch effort to get the wilful defaulter tag off his head.

After a brief hearing of 20 minutes, the hearing was further posted on April 26. At the outset, the consortium of banks told the apex court that it was not averse to the settlement but Mallya has to show his bona fides by being presemt in the country.

“For suitable negotiations, Mallya should be present and should declare all his movable, immovable, tangible and intangible assets in both India and abroad,” said senior advocate Shyam Divan appearing for the consortium of banks.

Earlier on Thursday, the Enforcement Directorate had sought the help of Ministry of External Affairs to bring Mallya back to India.

Mallya’s passport was suspended a few days ago and a non-bailable warrant has also been issued against him by the special PMLA court.

Vijay Mallya is reportedly in London now.


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