SC to hear banks' plea against Mallya's non-disclosure of full assets

The Supreme Court will hear on July 18 a plea by a consortium of banks led by the State Bank of India that beleaguered liquor baron Vijay Mallya has not complied with its April 7 order asking him to fully disclose assets held by him and his family.

The bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman agreed to hear the plea by the consortium of banks after Attorney General Mukul Rohatgi on Thursday mentioned it and sought an urgent hearing.

The top court by its April 7 order had directed Mallya to disclose all the assets -- movable and immovable and tangible and intangible -- and other shareholdings and beneficial interests in India and abroad held by him, his wife and children by April 21. It had also asked Mallya to indicate the amount that he was prepared to deposit before it to show his bonafide for a meaningful negotiation with the banks seeking the recovery of loans advanced to his now-defunct Kingfisher Airlines.

The consortium of 13 banks is seeking the recovery of more than Rs.9,000 crore in the principal and interest, loaned to his airlines.

The bench of Justice Joseph and Justice Nariman had in the course of the last hearing of the plea on April 26 rapped Mallya, saying: "The point is that you have not complied with our April 7 order both in letter and spirit."

--IANS

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