Nobody knows what happened to $40 mn Mallya got from Diageo, says SC

SC pulled up liquor baron Vijaya Mallya for not making complete disclosure of his overseas properties and directed him to share details of assets in India.
Vijaya Mallya possing a photographs at the press conference in Bangalore on Tuesday./Express photo by VINOD KARIMATT.
Vijaya Mallya possing a photographs at the press conference in Bangalore on Tuesday./Express photo by VINOD KARIMATT.

NEW DELHI: The Supreme Court on Tuesday pulled up liquor baron Vijay Mallya for not making complete disclosure of his overseas properties and directed him to share details of assets in India as well as abroad in four weeks.

A Bench of justices Kurian Joseph and R F Nariman questioned Mallya for not giving details of $40 million that he had allegedly received from British firm Diageo in February and said, “We are prima facie of the view that the report has not made a proper disclosure in respect of our order of April 7 directing to make complete disclosure of assets and in particular, the receipt of $40 million as to when it was received and how it has been dealt till date.”

The Bench also pointed out that Mallya’s disclosure statement does not have information about his bank details and cash in hand. “We are not happy the way you (Mallya) filed your statement. $40 million was cash in hand and you (Mallya) have not told us what you did with that amount. Our direction was disclosure of assets and cash in hand. Nobody knows what happened with the $40 million," the court said.

Attorney General Mukul Rohatgi, appearing for a consortium of banks, said Mallya has taken the court for a ride and has tried to deceive it by not giving complete details of his assets. "Point is what was shown to the court was assets and properties but he (Mallya) did not tell the court about the $40 million he received from Diageo. He has taken the court for a ride by not giving complete details," Rohatgi said.

However, senior advocate C S Vaidyanathan, appearing for Mallya, said the disclosure of assets was made as per the court's directions. On the court’s poser regarding the more than $40 million, Vaidyanathan said the amount may have been spent or used and whatever the assets remained as on March 31, was included in the details that had been furnished to the court. The court slated the hearing for November 24.

The consortium of banks, including SBI, had on August 29 told the Supreme Court that Mallya had deliberately not made full disclosure of his assets including the $40 million he had received on February 25 from Diageo. The banking consortium had moved the debt recovery tribunal against Kingfisher Airlines Ltd in 2013 for defaulting on loans.

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com