Mallya deliberately didn’t disclose full assets: Banks to SC | business-news | Hindustan Times
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Mallya deliberately didn’t disclose full assets: Banks to SC

business Updated: Aug 29, 2016 17:00 IST
Press Trust of India
Vijay Mallya

Vijay Mallya on his way to attend a Parliament session. His lawyer said that since there is no settlement happening with the banks, they cannot ask him to disclose his assets(Hindustan Times)

A consortium of banks including SBI told the Supreme Court on Monday that beleaguered businessman Vijay Mallya had deliberately not made full disclosure of his assets including $40 million which he received in February from a British firm.

Attorney General Mukul Rohatgi, appearing for the consortium of banks, told a bench of justices Kurian Joseph and R F Nariman that Mallya has not disclosed the amount which he received in February while he had filed the reply in March.

The Attorney General said that as per the Supreme Court rules, Mallya has to appear before the court after a notice has been served upon him in a contempt petition.

Rohatgi said that since Mallya had not been granted exemption from appearance, he should not be heard any more.

Senior advocate C S Vaidyanathan, appearing for Mallya, told the bench that they have filed a petition for recall of apex court’s earlier order and said that no contempt has been made.

He also said that the apex court’s earlier order to disclose the assets has been complied with.

Mallya’s lawyer Mahesh Agarwal said the liquor baron has contended that the disclosure of the assets was for the settlement of outstanding dues with the banks, and since no settlement was taking place he was not obliged to make disclosure and consequently there was no contempt.

Giving ten days time to the SBI to file its response, the bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman gave Mallya a week’s time to file his rejoinder as it directed the hearing of the matter on September 27, 2016.

The bench also asked the Attorney General to file a response to Mallya’s petition by then.

Earlier, on July 25, the apex court had issued notice to Mallya on the plea of the consortium of banks that alleged that he had not disclosed his full assets including $40 million received by him from a British firm.

The apex court, after noting the submissions by Attorney General, had issued notice to Mallya and asked him to respond.

On July 14, Rohatgi claimed that Mallya had provided wrong details of his assets in a sealed cover to the apex court.

He further said a lot of information had also been concealed, including a cash transaction to the tune of Rs 2,500 crore, which amounted to contempt of court.