SC to Mallya: Disclose All Assets by April 21

Mallya has to prove his bona fides by presenting himself for suitable negotiation and presenting a contingency plan.

Published: 08th April 2016 05:10 AM  |   Last Updated: 08th April 2016 05:10 AM   |  A+A-

Indian businessman Vijay Mallya _AP

Indian businessman Vijay Mallya (File|AP)

NEW DELHI: Liquor baron Vijay Mallya, who is facing legal proceedings for alleged default of loans worth over Rs 9,000 crore from various banks, was on Thursday directed by the Supreme Court to disclose by April 21 the total assets owned by him and his family in India and abroad. The apex court also sought an indication from him when he will appear before it.

It 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.

SC to Mally.JPGThe directions by the bench, comprising Justices Kurian Joseph and R F Nariman, came after a consortium of banks led by SBI “unanimously rejected” the proposal in the current form offered by Mallya and his companies to pay Rs 4,000 crore by September towards settlement of his loan.

“Vijay Mallya has to prove his bona fides by presenting himself for suitable negotiation and presenting a contingency plan that he is getting money from X and Y and then he will pay to the banks,” senior advocate Shyam Divan, appearing for the consortium of banks, said. “For suitable negotiations, he should be present and should declare all his movable, immovable, tangible and intangible assets in both in India and abroad,” Divan added.

For suitable negotiation, Mallya needs to be in the country and before the court so that it is known what he plans to do and how, he said.

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