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Mallya asks for a one-time settlement of Rs 9000 crore loan

Our substantial offer before the honourable Supreme Court was rejected by banks without consideration.

Published: 11th March 2017 04:27 AM  |   Last Updated: 11th March 2017 04:58 AM   |  A+A-

Liquor baron Vijay Mallya. | AFP

By Express News Service

NEW DELHI:  The embattled business tycoon Vijay Mallya said on Friday that he was ready to negotiate with banks to pay a ‘one-time settlement’ charge on `9,000 crore loan default. “Public sector banks have policies for one-time settlements. Hundreds of borrowers have settled.

Why should this be denied to us? Our substantial offer before the honourable Supreme Court was rejected by banks without consideration.

I am ready to talk settlement on fair basis,” he said in a tweet. “Wish the SC would intervene and put an end to all this by directing banks and us to negotiate and settle. We are ready.” Mallya added that he has “humbly obeyed every single court order” and “seems as if government is bent on holding me guilty without fair trial”. “The allegations before the Supreme Court only prove the attitude of the government,” he said. 

Embattled liquor baron Vijay Mallya on Friday took to Twitter saying he is ready to negotiate with banks to pay a one-time settlement charge on `9,000-crore loan default.

Mallya also accused the government of holding him guilty without a “fair” trial as he faces heat in the Supreme Court over the loan default.

A day after the Supreme Court asked Mallya about his assets and transfer of $40 million to his children, he took to the twitter to clarify his position. He also offered to negotiate with banks to pay a one-time settlement charge on his `9,000 crore loan default.

“Public Sector Banks have policies for One Time Settlements. Hundreds of borrowers have settled. Why should this be denied to us?” he said in a tweet as he sought negotiations with banks to pay a one-time settlement charge on the `9,000-crore loan default.

He said his offer for settlement has been rejected by the lenders without consideration.
“Our substantial offer before the Hon’ble Supreme Court was rejected by Banks without consideration. Am ready to talk settlement on fair basis,” he said.

“Public sector banks have policies for one-time settlements. Hundreds of borrowers have settled. Why should this be denied to us? Our substantial offer before the honourable Supreme Court was rejected by banks without consideration. (I) am ready to talk settlement on fair basis,” Mallya said in a tweet.

Meanwhile, the Karnataka High Court on Friday issued a bailable warrant against Mallya for `50 lakh, to be served at his UK address through Ministry of Home Affairs, returnable by June 1. 

A Division Bench of justices B S Patil and B V Nagarathna issued the warrant, as Mallya failed to appear in response to the bailable warrant issued at his Bengaluru address, in connection to a contempt petition filed by the consortium of banks. 

On January 27, while hearing the contempt petition filed by the consortium of banks, the High Court had issued a bailable warrant against Mallya, returnable by February 17, to his Bengaluru address, as he failed to appear before it on December 2, 2016. According to the consortium of banks, when the matter was pending before the Debt Recovery Tribunal (DRT) as well as the HC, it came to know that Mallya had pledged 1,04,86,666 shares of UB Limited held by him and a further 1,04,64,288 shares held by him and his son Siddarth Mallya to Standard Chartered Bank, in violation of his oral undertaking given before the DRT.



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