Vijay Mallya to Enforcement Directorate: Need time till May

QUICK PILL

Liquor baron and Chairman of the non-operational Kingfisher Airlines, Vijay Mallaya,who was asked to present himself before the Enforcement Directorate (ED) on 9 April has failed to present himself for the third time in a row and has now asked time till May. He had been earlier asked to appear before the ED on 18 March and 2 April. However, he cited official reasons for his absence.

Mallaya has reportedly written to ED officials that he needs time to negotiate with the banks for the repayment of a whopping Rs 900 crore loan, specifically to IDBI. He also affirmed that his lawyers are extending complete cooperation.

When Vijay Mallaya did not appear before the ED on the aforementioned dates, officials had stated that the 9 April summons could perhaps be the last notice to Mallya. The investigating agency can now, if it wishes, move court against Mallya for his non-attendance for the third time. However, it can also issue a fourth round of summons.

Earlier on Thursday, the Supreme Court had asked Vijay Mallya to truthfully disclose all the details of his assets by 21 April, after the SBI-led consortium of public sector banks (PSBs) rejected his Rs 4,000-crore loan repayment proposal.

According to the banks, Mallya owes over Rs 9,000 crore to PSBs.