Sources said the panel was unanimous in its decision that Mallya, facing a case of loan default of over Rs 9,400 crore, should no longer remain a member of the Upper House and found his reply to its notice unsatisfactory.
The sources said the panel will submit its report before the Rajya Sabha tomorrow.
A motion has to be introduced in the House and approved by it for termination of the membership of any MP.
He evaded a direct reply on whether the committee can still recommend the expulsion of Mallya.
Mallya had yesterday faxed his resignation to Rajya Sabha Chairman Hamid Ansari a day before Ethics Committee had to take a decision on recommending his expulsion, an issue, which was unanimously in the panel's last meeting on April 25.
Pressed further, Singh, however, said the decision that was taken in the meeting even today was unanimous.
He also said the committee will submit its recommendation to the Upper House tomorrow.
"Ethics Committee only recommends. The report (of the panel) is property of the House," he said when repeatedly asked whether the committee has any other option left other than recommending expulsion of Mallya since it had in its last meeting decided to do so.
Ethics Panel of the Upper House, which had taken up the matter, had unanimously decided in its April 25 meeting that Mallya should no longer remain a member of the House and was planning to recommend his expulsion in today's meeting.
(Reopens DEL 65)
In his resignation letter to Rajya Sabha Chairman Hamid Ansari, he said he did not want his "name and reputation to be further dragged in the mud".
"And since recent events suggest that I will not get a fair trial or justice, I am hereby resigning as a member of the Rajya Sabha with immediate effect," he had said.
He had also referred to the letter written to him by Singh and said he had replied to it.
Mallya had said that he received the letter from Singh dated April 25 in which it was stated that the Rajya Sabha Chairman had referred an issue to the Committee on Ethics regarding "purported default" by Mallya in the "repayment of bank loans", which have "not been reflected" in his declaration of assets and liabilities.
Appending a copy of his reply to Singh, Mallya, who faxed his resignation to the Rajya Sabha Chairman, he had asserted, "The allegations against me are blatantly false and baseless."
"I am shocked that the Department of Financial Services, Ministry of Finance, Government of India has provided factually wrong information to a Parliament Committee," he had further said.
The committee had sought details of the liabilities on Mallya's airline Kingfisher from 13 banks, which furnished their replies according to which the total liability on Mallya's company is Rs 9431.65 crore. Of this IDBI's liability alone is Rs 1687.04 crore followed by Punjab National Bank's Rs 1223 crore.
The committee decided to crack the whip on the ground that Mallya never declared these liabilities in the past 10 years, which a member is supposed to do annually.
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