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SC orders Mallya to disclose overseas assets in four weeks

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An angry Supreme Court slammed loans defaulter Vijay Mallya for not making a full disclosure of his foreign assets, as per its order, and gave him an additional four weeks to do so.

The SC said that the next hearing would be on November 24. The SC was to hear a plea filed by a consortium of banks led by the State Bank of India(SBI) against Vijay Mallya for the recovery of an amount, that is more than Rs. 6,000 crores.

The Supreme Court has directed that Mallya must submit the details of his assets abroad with particular details of the cost, address and other key information. Mallya has been given four weeks time to respond and furnish the details.

Attorney General Mukul Rohatgi appearing for the consortium of banks told the Supreme Court that summons must be issued against Mallya for misleading the court proceedings under the contempt of court rules. Rohatgi persisted that Mallya willfully deceived the court and did not make proper disclosures.

The Bench also sought details from Mr. Mallya about a payment of $ 40 million out of a total $ 75 million (Rs. 515 crore) he allegedly received from British liquor major Diageo Plc following his resignation as Chairman of United Spirits Limited in February 2016.

The banks had submitted that Diageo itself had on February 28 apprised the Debt Recovery Tribunal about the payment on February 25. They submitted that Diageo’s memo before the tribunal traces the payment to an account maintained by Mr. Mallya with Edmond De Rothschild (Suisse) SA in Geneva.

Mallya, who owes over Rs 9,000 crore to a consortium of lenders led by the State Bank of India, left India this March. He’s currently said to be in the UK, and has defied several court orders to return home.

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