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Banks trying to bring Mallya to negotiating table: Jayant Sinha

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Mumbai (Maharashtra) : After the PSU banks rejected Vijay Mallya’s payment proposal, Minister of State for Finance Jayant Sinha on Thursday said the banks are following due process of law to pursue every avenue possible to drag the liquor baron to the negotiating table.

“Banks are following due process of law, they are ensuring that we peruse every avenue possible for bringing all wilful defaulters to the negotiating table and to be able to seize assets as required so that depositor money and tax payer money which is in stake in these situations is fully protected to the best extent possible,” Sinha told the media here.

A consortium of 17 PSU banks including the State Bank of India (SBI), which had approached the Supreme Court against Mallya, earlier in the day rejected his repayment proposal.

Rejecting Mallya’s proposal to pay Rs 4,000 crores by September, the consortium of banks told the apex court that they have rejected it after ‘full consideration’.

The banks also told the Supreme Court that they received a modified proposal last evening from Mallya which they rejected.

The apex court has asked the liquor baron to disclose his assets and the assets belonging to his wife and children. He has been asked to file his response by April 21.

The court has also asked Mallya to deposit a substantial amount with the court to prove his bona fides. It has also asked Mallya’s lawyers to inform as to when he is coming back to India.

The matter will be next heard on April 26. (ANI)

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