Busniessman Vijay Mallya to disclose his overseas assets in a month: Supreme Court

Posted on by Saurav Khanduri

The complexities are continuously running after the liquor king Vijay Mallya. Today the Supreme Court directed beleaguered businessman Vijay Mallya to give the complete details of his assets outside India in four weeks, saying it was of the “Prima facie view” that he has not yet disclosed his actual details of the property.

A bench of Justices Kurian Joseph and R F Nariman also pulled up Mallya for not giving details of USD40 million which he had received from British firm Diageo on February this year.

Busniessman Vijay Mallya to disclose his overseas assets in a month: Supreme Court

 Court asked businessman Vijay Mallya to show that receipt of  USD40 million

We are prima facie of the view that that report has not made a proper disclosure in respect of our order of April 7, 2016, directing to make complete disclosure of assets and in particular, the receipt of USD 40million as when it was received and how it has been dealt till date,” the bench said.

The bench was also asked Mallya, who had earlier informed the court about his properties in India, to disclose complete details of his assets overseas in four weeks. With this, Mallya problems seem unending as he has to give proper information about his property and business deals.  The bench posted next hearing in this matter on November 24.

A consortium of banks including SBI had on August 29 told the Supreme Court that Mallya had intentionally no made full disclosure of his property including the USD 40 million which he received on February 25 from the British firm Diageo.

Busniessman Vijay Mallya to disclose his overseas assets in a month: Supreme Court

Group of Banks told Court to ask about his Diageo deal

A consortium of banks including SBI had on August 29 told the Supreme Court that businessman Vijay Mallya had deliberately not made full disclosure of his assets including the USD 40 million which he received on February 25 from the British firm Diageo.

After noting the Submission by Attorney General Mukul Rohatgi, the apex court on July25 had issued the notice against Vijay Mallya on the bank’s plea and asked him to respond.

Rohatgi told the court that Mallya had provided wrong details of his assets in a sealed cover to the apex court.

He also alleged that lots of information had also been hidden, including a cash transaction to the tune of Rs2500 crore, which amounted to contempt of court. Bank has no right to ask my assets” Mallya

Busniessman Vijay Mallya to disclose his overseas assets in a month: Supreme Court

Banks have not right to ask about my assets: Mallya

On the other hand businessman, Vijay Mallya had said that the banks had no right to ask about his overseas movable and immovable assets as he was an NRI since 1988. He had also alleged that as an NRI, he was not obliged to disclose overseas assets and said that his wife and three children, all those have US citizenship, they also need not to disclose their assets.

The court on April 7 had directed Mallya to disclose his total assets owned by him and his family members in India and overseas by April 21 while seeking an indication from him when he would appear before it.

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