Home » National News » Vijay Mallya deliberately did not disclose his full assets: Banks tell Supreme Court

Vijay Mallya deliberately did not disclose his full assets: Banks tell Supreme Court

Speed News Desk | Updated on: 29 August 2016, 19:19 IST

Vijay Mallya had deliberately not made full disclosures of his assets including $40 million which he received in February from a British firm, a consortium of banks including SBI told the Supreme Court.

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

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, the attorney general, reports The Times of India.

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

Though, senior advocate CS 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.

The bench, afterwards asked the attorney general to file a response to Mallya's petition for recall of its earlier order and post the matter on 27 September.

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

Rohatgi 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.

Earlier, the Supreme Court had sought details of assets from Mallya in a sealed cover.

The court 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.

First published: 29 August 2016, 19:19 IST