SC directs Mallya to furnish details of assets in India, abroad

The Supreme Court on Tuesday asked the Debt Recovery Tribunal in Bengaluru to expedite the hearing on loan recovery suit against fugitive liquor baron Vijay Mallya within next two months.

Hearing on a petition filed by the consortium of banks led by State Bank of India (SBI), the apex court directed Mallya to furnish the details of his and his family's assets in India and abroad to the banks in a sealed cover.

The court found untenable the objections raised by the liquor baron, that the assets of his NRI wife and kids cannot be disclosed to the banks.

Appearing for the central government, Attorney General Mukul Rohatgi had on Monday told the apex court that Mallya, who is in the U.K., has not complied with court's order to indicate his date of return to India and appearance before the court.

He said Mallya is a fugitive from justice in India. The AG further said Mallya was not even willing to disclose the amount he is likely to deposit to show his bonafides of settling dues with banks.

Earlier on Sunday, the Ministry of External Affairs had revoked Mallya's passport in order to bring him back into India.

The businessman is facing legal proceedings for alleged default of loans worth over nine thousand crore rupees from various banks.

The Ethics Committee of Rajya Sabha on Monday decided to recommend expulsion of Mallya, however, has given him one week to explain his position.