Mallya held in contempt for not disclosing assets

The Supreme Court on Monday issued notice to liquor baron Vijay Mallya and his defunct Kingfisher airlines on a contempt petition moved by a consortium of 17 banks claimed he had not complied with the earlier order to disclose all his assets.

Attorney General Mukul Rohatgi told a Bench comprising Justices Kurian Joseph and R F Nariman, "This gentleman (Mallya) has not complied fully with the orders of the court. Neither has he disclosed all details about his assets, nor the $45 million he received from Diageo."

SC after noting the submissions issued the notice and asked him to respond within four weeks on the plea by the consortium of banks led by State Bank of India.

According to the consortium, the information given to the court by Mallya was incomplete and a lot has been concealed including cash deals to the tune of Rs 2,500 crore. It also alleged Mallya of not cooperating in the investigation.

He has not deposited any "substantial amount" to show his bonafides, as suggested by the court earlier.

The demands by the banks amount to Rs 9,400 crore in loans and interests.

In a rejoinder affidavit to Mallya's reply, the banks had said disclosure of his and his family's overseas assets was significant for recovering the dues. However, Mallya has maintained banks have no right to ask for information regarding his overseas movable and immovable assets as he along with his wife and three children are Non-Resident Indians.