Banks have no right over info on overseas assets: Mallya to SC

Beleaguered businessman Vijay Mallya today told the Supreme Court that banks have no right over the information of his overseas movable and immovable assets as he was an NRI since 1988.
"Statement of Assets was confined to assets in India only and overseas assets were not disclosed which as a Non-resident Indian, Respondent no 3 (Vijay Mallya) is not obliged to disclose even to income tax authorities in his Indian tax returns," an affidavit filed on behalf of Mallya said.
The businessman claimed that he was an NRI for income tax and foreign exchange regulation purposes since 1988.
He had been directed by the apex court to disclose by April 21 the total assets owned by him and his family in India and abroad. The apex court had also sought an indication from him when he will appear before it.

In his affidavit, Mallya claimed that as an NRI, he was not obliged to disclose his overseas assets, and added that his three children, wife, all US citizens, also need not disclose their assets. "Overseas assets were not considered while granting loans," he said in his statement.
Mallya, however, said to demonstrate his bonafide and also that of his companies, an aggregate of Rs 1591 crores can be deposited before the apex court.

The affidavit further said that Kingfisher Airline was a genuine commercial business failure and denied that the loan advanced by the banks to the company were misused or "Mallya has amassed assets/properties in the name of his family members or relatives or friends with the intention to avoid recovery of alleged dues by the banks."

It said UB Group of ompanies and its associates had infused large sums of money in Kingfisher Airlines "by way of loans, equity participation, liquidation of securities offered to creditors/lenders of Kingfisher Airlines aggregating to Rs 6,107.53 crores, all of which has been lost or is incapable of recovery."
The court on April 7 had directed Mallya to disclose by April 21 the total assets owned by him and his family in India and abroad while seeking an indication from him when he will appear before it.
It had asked Mallya, who owes over Rs 9,000 crore to around 17 banks, to deposit a "substantial amount" with it to "prove his bonafide" that he was "serious" about meaningful negotiations and settlement.