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Vijay Mallya does not appear before ED, seeks extension till May

India TV Business Desk 09 Apr 2016, 11:54:55 AM IST
India TV Business Desk

New Delhi: Liqour Baron Vijay Mallya, who is being probed by the Enforcement Directorate (ED) in connection with a money laundering probe in the over Rs. 900 crore IDBI loan fraud case, did not appear before the agency today and has sought a new date in the end of May.

He said that he would need more time before he appears before the investigating agency as he is negotiating the settlement of loan with banks.

The agency had issued fresh summons, also the third, last week to  Mallya asking him to appear before it on April 9, after he sought two extensions from the earlier dates of March 18 and April 2 citing certain official reasons.

Under an extreme case, it may be possible that if the Liquor baron continues to skip dates, his passport may be revoked or issued non-bailable warrant against him.

ED officials had earlier hinted that the April 9 summons could possibly be the last to Mr Mallya as under the Prevention of Money Laundering Act (PMLA) such action can be undertaken for a maximum of three times only.

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

The apex court also sought an indication from him when he will appear before it.

It asked Mallya to deposit a "substantial amount" with it to "prove his bonafide" that he was "serious" about meaningful negotiations and settlement.