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SC directs Mallya to furnish details of overseas assets to lender banks

SC directs Mallya to furnish details of overseas assets to lender banks
The Supreme Court on Tuesday dismissed beleaguered Vijay Mallya’s prayer for protection from disclosure of his assets and those of his family, in India and abroad, to Kingfisher Airlines’ lenders, saying “no tangible” grounds have been raised to maintain secrecy of information.

“We don’t find any tangible objection in disclosing the assets (of Mallya, his wife and children) to banks,” a bench comprising Justices Kurian Joseph and R F Nariman said.

The bench directed the apex court registry to furnish to the lenders, a consortium of banks, the details of assets, both domestic and foreign, declared by the former liquor baron of himself and his family members, in sealed cover to the apex court.

The top court, which said Mallya has not complied with its April 7 order in its letter and spirit, observed that “the whole purpose of asking for disclosure was to give a fair idea to banks for entering into a meaningful and viable settlement.” 

It asked the Debt Recovery Tribunal in Bengaluru to “expeditiously decide” within two months, the pleas of banks and financial institutions for recovery of their loans.

The direction was issued after Attorney General Mukul Rohatgi submitted that there was “total non-compliance” with the apex court’s April 7 order as Mallya was neither indicating the date of his return to the country to make an appearance before the court nor was he showing his bona fide for reaching a settlement with the lenders by not showing willingness to deposit a substantial part of the amount he owed them.

“He is a fugitive from justice in India,” the Attorney General said, adding the embattled businessman was playing “hide and seek” and cooking “cock and bull story”. Rohatgi said Mallya was “deliberately concealing something from the court” as he had “no intention to come back”.
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