Vijay Mallya's Overseas Assets Must Be Disclosed To Banks, Rules Supreme Court

| } April 26 , 2016 , 16:15 IST
Supreme Court on Tuesday directed liquor baron Vijay Mallya to furnish the details of assets held by him and family members in India and abroad to the banks in a sealed cover. [caption id="attachment_179301" align="aligncenter" width="700"]Supreme court of india (Image: IANS)[/caption] The apex court said that the banks' plea for recovery of dues before Debt Recovery Tribunal (Bengaluru) be decided within two months. However, Mallya's lawyer told the court that he has no instruction on when Mallya will return to India. Earlier on Wednesday, the consortium of banks alleged in the Supreme Court that Vijay Mallya, who has been in United Kingdom, is not cooperating in the investigation of cases lodged against him and was averse to disclosing foreign assets. ALSO READ: Mallya Not Disclosing Overseas Assets Indicate Lack Of His Bonafide: Banks To SC Further, in the rejoinder to the affidavit filed by the beleaguered businessman, the consortium said that disclosure of overseas assets by him and his family is significant for recovering the dues. When contacted, Attorney General Mukul Rohatgi said, "we have filed a rejoinder to Mallya's affidavit in which it has been stated that he is also not indicating the date of his return to the country." He said the liquor baron has also not agreed to deposit "substantial amount" as part of of Rs 9,400 crore loan due on him to establish his bonafide". The AG said the "non-disclosure" by Mallya does not enable the banks to ascertain his ability to repay. "We have nothing to do with Mallya's claim that he cannot appear personally because of government's action against him," the banks in its affidavit said, adding that instead of providing the material to it Mallya and his companies are preferring to submit them in sealed cover top the apex court. The rejoinder was filed in response to Mallya's affidavit which had said that banks have no right over the information of his overseas movable and immovable assets as he was an NRI since 1988. Mallya had also claimed that as an NRI, he was not obliged to disclose his overseas assets, and added that his three children, wife, all US citizens, also need not disclose their assets. "Overseas assets were not considered while granting loans," he said in his statement. Mallya, however, had said to demonstrate his bonafide and also that of his companies, an aggregate of Rs 1591 crores can be deposited before the apex court. The court on April 7 had directed Mallya to disclose by April 21 the total assets owned by him and his family in India and abroad while seeking an indication from him when he will appear before it. It 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.

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[…] the passport of Mallya, who is believed to be in the UK after leaving India on March 2. ALSO READ: Vijay Mallya's Overseas Assets Must Be Disclosed To Banks, Rules Supreme Court "We have examined the entire issue related to Mallya's case. The documents that we had sought from […]