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Tuesday , 21 February 2017
Breaking News

Vijay Mallya gets 3 weeks to respond to Bank pleas

 

 

The Supreme Court has asked fugitive Vijay Mallya to respond to allegations of him violating the orders of the Courts and the Debt Recovery Tribunal. He is said to have transferred over $40 million to the bank accounts of his children, which is said to be in violation of the Karnataka High Court’s orders.

 

The Supreme Court bench of Justices Kurian Joseph and A M Khanwilkar has said that Vijay Mallya has upto 3 weeks to file an affidavit with his response. Senior Advocate Shyam Divan, who is representing the banks Mr. Mallya swindled, has said that his action of transferring $40 million to the accounts of his children is in violation of the orders of the Karnataka High Court and the Debt Recovery Tribunal.

 

Mr. Mallya owes about Rs 6,200 crores to the consortium of banks led by the State Bank of India (SBI). He had orrowed this amount for his failed business, the Kingfisher Airlines, which also forced him to sell his family house, his shares in United Breweries and United Spirits. He is hiding in the United Kingdom away from the grasp of the India authorities.

 

Prime Minister Narendra Modi has asked the PM of the United Kingdom, Theresa May to ensure Mr. Mallya is returned to face the Indian courts, in order to ensure that the taxpayers money is recovered

 

 

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