To take your ideas to Policymakers, Join the Campaign of #PolicyPulse Write to feedback@policypulse.com

SC notice to Mallya on contempt plea

Mallya had not disclosed US $45 million he had got from British liquor company Diageo

Policy Pulse
Publish Date: Jul 25 2016 1:58PM | Updated Date: Jul 25 2016 1:59PM

SC notice to Mallya on contempt plea

 The Supreme Court issued notice to businessman Vijay Mallya on Monday on a plea by the lenders seeking contempt proceedings against him for not making full disclosure of assets held by him, his wife and children in India and overseas.

 

As the bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman issued notice to the businessman, who is the chairman of the now defunct Kingfisher Airlines, 
 
Attorney General Mukul Rohatgi told the apex court that Mallya was not candid about the court order and he was accountable for the "public money" that he owed to the lenders.
 
He said Mallya had not disclosed US $45 million he had got from British liquor company Diageo. 
 
The petitioner -- a consortium of banks led by the State Bank of India (SBI) that lent money to Kingfisher Airlines -- told the apex court that Mallya has not obeyed with its April 7 order asking him to fully disclose the details of assets held by him, his wife and children.
 
The Supreme Court by its April 7 order had asked Mallya to disclose all the assets and other shareholdings and beneficial interests in India and abroad held by him, his wife and children by April 21.
 
By the April 7 order, the top court had also asked Mallya to specify the amount that he was prepared to deposit before it to show his bona fides for a meaningful negotiation with the banks seeking the recovery of loans advanced to Kingfisher Airlines.