The Supreme Court asked to Vijay Mallya on 7th April 2016, Thursday when he would return to India. Vijay Mallya is facing proceedings launched by a consortium of 17 banks led by State Bank of India, for the recovery of loans worth Rs 9,000 crore. The Banks rejected the liquor King Vijay Mallya’s latest loan-repayment proposal.
The banks told to court that they want Vijay Mallya. The Supreme Court said that Vijay Mallya has to be present in the country for negotiations to repay bank loans to the tune of Rs 9,000 crore. Currently Vijay Mallya is in UK. The Supreme Court asked Vijay Mallya’s lawyer to inform it as to when Vijay Mallya will return by 21st April 2016.
Vijay Mallya had earlier offered to bank for pay Rs 4,000 crore. But Mallya’s this proposal was rejected by banks. The court also asked Mallya to declare his and his family’s assets across the world. These include both tangible and intangible properties which owned by Mallya, his wife and three children.
Vijay Mallya’s global assets include his liquor business in the US, Mendocino Brewing Inc, which sells various brands of liquor and his trademark Kingfisher Beer in North America. Mallya also has a villa in California.
The banks advocate Shyam Divan demand to court that Vijay Mallya should be personally present in the court. Shyam Divan said that, “For suitable negotiations, he should be present and should declare all his movable, immovable, tangible and intangible assets, shareholdings, partnerships, companies and interests both in India and abroad. He should declare his assets and also deposit a substantial amount.”
Accepting the submission, the bench said that, “The respondent (Mallya) has to show his bona fides for a meaningful solution. For any meaningful negotiation, deposits are necessary.”
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