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Vijay Mallya must declare all Indian, foreign assets within a month: Supreme Court

Coming down heavily on liquor baron Vijay Mallya, the Supreme Court today has the Kingfisher airline’s owner to declare all his assets including that in foreign land.

With the legal noose tightening around liquor baron Vijay Mallya, the apex court today said in its order that prima facie it appears that Mallya has not made proper disclosures of his foreign assets in violation of the Supreme Court order. The case pertains to the Rs 900 crore loan default case where consortium of public banks has moved the apex court.

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The apex court has asked Mallya to clarify on how the proceeds of 40 million dollars were dealt and also shared the opinion that prima facie it appears that Mallya has not made proper disclosure. 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.

“Every entry in his statement of assets is done with the purpose to deceive. Persistence of his defence makes his offence more grave,” said Attorney General Mukul Rohatgi to a bench of Justice Kurian Joseph and Justice Rohinigton Nariman.

The apex court also said that it expected Mallya to make an upfront disclosure as to how the 40 million dollars received from Diageo was used. In his defence, Mallya has told the Supreme Court that 40 million dollars was not a cash in hand, proceeds used for payments and business. Mallya’s argument has been that the payment was not a direct asset and he has complied with the SC order on disclosure.

Refuting charges of contempt of court, Mallya has assured it will furnish details within four weeks. The next hearing is on November 24.

Source: indiatoday

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