SC grants Mallya 3 week's time to file reply to SBI led consortium

The Supreme Court on Wednesday granted three weeks time to liquor baron Vijay Mallya to file a reply to the SBI led consortium of banks who sought deposit of the amount of 40 million dollars.

The bench headed by Justice Kurian Joseph comprising Justice A. M. Khanwilkar granted Mallya three weeks time and posted the matter for further hearing till February 2.

The consortium of banks had earlier approached the apex court seeking its intervention in bringing back Mallya to India and also repayment of money which the beleaguered businessman, who has absconded to England, had taken.

The banks, in their plea, told the apex court that there was an outstanding loan of almost Rs 9,000 crore against the businessman.

The banks have argued that the business tycoon has not been candid with the court regarding his assets, citing the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.

On April 26, the Supreme Court had directed Mallya to disclose his assets to the consortium. The banks also said the disclosures made by Mallya on his Indian and overseas properties were "vague".

The banks also refuted Mallya's allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs 9,000 odd crore in instalments.