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SC to hear banks’ plea against defaulting Mallya


New Delhi [India]: The Supreme Court will today hear the plea of the State Bank of India-led consortium of 17 banks against liquor baron and Kingfisher chairman Vijay Mallya for bringing him back to India in connection with a loan defaulting case.

The consortium of banks had approached the apex court seeking its intervention in bringing back Mallya to India and also the repayment of money which the beleaguered businessman had taken.

The top court had wanted to know from the union government about his whereabouts, to which the Attorney General told it that he was in England.

The banks, in their plea, told the apex court that there was an outstanding loan of almost Rs. 9,000 crores against the businessman.

Banks have argued that the business tycoon has not been candid with the court regarding his assets, citing the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.

On April 26, the Supreme Court had directed Mallya to disclose his assets to the consortium. Banks also said disclosures made by Mallya on his Indian and overseas properties were “vague”.

Banks also refuted Mallya’s allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs 9,000 odd crores in installments. (ANI)

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