Banks don't have right to know details of my foreign assets: Mallya to SC

Mallya tell SC he is ready to pay Rs 1,590 cr only, and he can't pay the entire amount until court allows the sale of shares stuck in litigation

Erstwhile liquor baron Vijay Mallya today on Thursday told the Supreme Court that he is ready to deposit Rs 1,590 crore as token amount to show his bonafide in connection with money-laundering probe against him in the alleged Rs 900-crore IDBI loan fraud case.

He told the apex court he is ready to pay this amount only if the court intervenes in pending cases and that he can't pay until SC allows the sale of shares stuck in litigation.

He told the court that overseas assets are not considered while granting loans, and sought permission to file information in a sealed cover on June 26.

He also said banks had no right to any of this information as they were not involved in overseas assets recast. He further added that he can make an additional payment of Rs 1,398 crore withheld by the Karnataka High Court.

In another important development today, the Enforcement Directorate approached the External Affairs Ministry seeking initiation of deportation proceedings against Mallya.