Vijay Mallya misses ED meeting again, seeks extension till May

Mallya said in an email that he is working on a repayment plan with banks and needs time until May

Chairman of defunct Kingfisher Airlines Vijay Mallya, who was supposed to appear before the Enforcement Directorate ( ED) today, has sought another extension till May in connection with an alleged money laundering case, ED sources told Business Standard.

The agency, which is investigating Mallya under the Prevention of Money Laundering Act (PMLA), had issued its third and final summons to Mallya to appear in person before it on April 9.

Mallya on Friday informed ED officials that he wanted a fresh date in May to appear before it.

The agency had issued its third summons last week to Mallya, asking him to appear on April 9 after he sought two extensions from the earlier dates of March 18 and April 2 citing official reasons.

ED officials had earlier hinted that the April 9 summons could possibly be the last to Mallya. The agency can now, if it desires, move court against Mallya for non-appearance. It also has the option of issuing a fourth round of summons.

In an email response to ED, Mallya said that he is working on a repayment plan with banks. The case is currently being heard by the Supreme Court, Mallya said, adding that he is trying to settle the debt with the help of his legal and corporate team and therefore needs more time. 

Earlier this week, a consortium of banks rejected Mallya offer to repay Rs 4,000 crore of the Rs 9,000 crore he owes them. The apex court, too, has asked Mallya to file his reply by April 21 indicating how much he can deposit in the court as well as a full list of assets he and his family own in India and abroad. The next hearing scheduled for April 26.

Mallya has been summoned in connection with a money laundering probe in the over Rs 6,963 crore bank loan default case.