Home Business Business News Vijay Mallya is Asked by the Supreme Court to Disclose His Assets In a Month

Vijay Mallya is Asked by the Supreme Court to Disclose His Assets In a Month

When it comes to the latest victim of stark controversy, we are aware of the liquor baron Vijay Mallya. According to the latest news, the Supreme Court has directed Vijay Mallya to fully disclose his foreign assets within a month. The well-known owner of Kingfisher Airlines was caught in a scandal when in the year 2009 after IDBI Bank provided a loan of Rs 900 crores to Kingfisher. Vijay Mallya’s apparent absence made the bank declare him as a ‘wilful defaulter’. There was a time when Vijay Mallya’s whereabout were unknown, but recently he has been heard to be residing in Britain.

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With the news of Supreme Courts’ order to Vijay Mallya’s assets to be disclosed within a matter of a month, the court found out that Vijay Mallya has not come in front as of yet. According to the Enforcement Directorate, Vijay Mallya’s passport has been revoked, the reason for which the Enforcement Directorate council went against Vijay Mallya’s plea seeking exemption from personal appearance on the ground of lack of passport. However, Advocate NK Matta told the court that Vijay Mallya would be given travel documents even if he does not have a passport.

It is a fact that Kingfisher Airlines owes around Rs 9,000 crore to the consortium of 17 banks, and a consortium that led by the State Bank of India has put Vijay Mallya’s properties for auction as this was the necessary step to get back the debt that the industrialist Vijay Mallya owed to them. Even after the Kingfisher’s Goa Villa was set for auction with the reserve price for the Goa property set at Rs 85.29 crore there was no bidder who showed up for the auction. According to the latest news, the Enforcement Directorate is known to have registered a new case against Vijay Mallya and Kingfisher for a loan of Rs 6,027 crores on 23rd August. Apparently, with all these efforts taken by the banks, we do hope that Vijay Mallya appears in front of the Supreme Court with the intent of disclosing his assets. In case he fails to do so in the given 4 weeks, there would be more problems for the liquor baron in the future.

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