Friday, 8 April 2016

Disclose assets, SC tells Mallya

The Hindu dated 8/4/2016
The banks’ outright rejection of the offers by Kingfisher Airlines Chairman Vijay Mallya to partially repay the carrier’s debts led the Supreme Court on Thursday to order him to disclose under oath assets existing in his name and those of his wife and children as on March 31, 2016. A Bench of Justices Kurian Joseph and Rohinton Nariman gave Mr. Mallya time till April 21 to file the affidavit, which should include a complete list of all their properties both in India and abroad.
The court asked Mr. Mallya’s lawyers to get instructions and indicate when the businessman would be present in court. The Bench agreed with the banks that Mr. Mallya’s presence was “necessary” for any meaningful negotiations to start. It also agreed that he should pay in advance a “substantial amount” of his dues, estimated to be over Rs. 9,000 crore, to prove his bona fide.
‘His presence in court is necessary for any meaningful negotiation’

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