The Supreme Court on Wednesday issued notice to Vijay Mallya on petition of consortium of banks seeking disclosure of his assets and seizure of passport. This followed a statement by the government's top lawyer, Attorney General Mukul Rohatgi who informed the court that Mallya left the country on March 2.
The apex court has given Mallya two weeks to respond to the notice. The next hearing has been scheduled for March 30.
The plea in the Supreme Court has been moved by 17 banks, including State Bank of India, against Mallya whose various firms have taken loans from them. The companies owe over Rs 7000 cr to the consortium of banks.
Last week, Vijay Mallya and Diageo who took over United Spirits arrived at a non-compete agreement that provides an exit for the former liquor baron from the company with a $ 75 mn payout spread over 5 years. Reports have indicated that Mallya may have already received $40 mn as the first tranche of the overall settlement.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.