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Mallya wirtes to SC, question’s banks’ rights to seek information on overseas assets

In the latest development in the ongoing loan default case in the Supreme Court, Vijay Mallya has questioned the rights of the banks to seek information of his assets abroad. In an affidavit filed before the apex court, Mallya claimed that he was not
India TV Business Desk April 21, 2016 18:33 IST
India TV Business Desk

New Delhi: In the latest development in the ongoing loan default case in the Supreme Court, Vijay Mallya has questioned the rights of the banks to seek information of his assets abroad. In an affidavit filed before the apex court, Mallya claimed that he was not obliged to disclose his foreign assets as he is an NRI.  

The apex court had directed Mallya to disclose the total assets owned by him and his family in India and abroad by April 21. The apex court had also sought an indication from him when he will appear before it.

"Overseas assets were not considered while granting loans," he said in his statement, adding that his three children, wife, all US citizens, also needn't disclose their assets.

Mallya, in his affidavit further sought the court’s permission to file the requisite details regarding his assets in a sealed envelope to the SC on June 26. He also offered to make an addiitonal payment of Rs 1,398 crore withheld by the Karnataka High Court.

The top court had asked Mallya, who owes over Rs 9,000 crore to around 17 banks, to deposit a "substantial amount" with it to "prove his bonafide" that he was "serious" about meaningful negotiations and settlement. The court also asked Mallya to present a detailed repayment plan over his loan dues.

The development comes at a time when the Enforcement Directorate is taking some significant measures to ensure that Mallya is brought back to India and made to face the law of the land. The agency, which is probing Mallya for money laundering in a Rs 900 crore loan from IDBI Bank, has approached the Ministry of External Affairs to seek help in his deportation.

The MEA had earlier suspended Mallya’s diplomatic passport,  paving way for his return to India. There is also a non-bailable arrest warrant against Mallya in a cheque bounce case.