Vijay Mallya gets SC notice for not disclosing complete assets

The Supreme Court has issued a notice to Vijay Mallya for not disclosing his assets completely. The notice was filed on the basis of his consortium of bank lenders' plea demanding action against Mallya for failing to disclose his assets as requested by the court. 

The notice has also been issued in contempt plea for loan default and the apex court has given Mallya four weeks to respond. 

The consortium of 17 lenders, led by the State Bank of India, told the Supreme Court that Mallya had not disclosed a $45 million payment he received from Diageo Plc.

Earlier in April, Mallya, who owes over Rs 9,000 crore to banks, was ordered to disclose his total assets along with those belonging to Kingfisher Airlines, assets belonging to his wife and children too. At the time, Mallya was given until April 21 to disclose his assets completely, but on the d-date, Mallya refused to do so, saying that his wife and him, being NRIs and his children being US citizens, were "not obliged to disclose the overseas assets."

Mallya went as far as saying that the Indian banks had no right to the aforementioned information but had agreed to furnish the details to the Supreme Court in a sealed cover. 

In a bid to recover a part of the dues, SBICAP Trustee Company, the merchant banking arm of SBI will be auctioning eight cars belonging to Kingfisher. However, this is only likely to fetch about Rs 14 lakh if the auction is successful. The auction is set for August 25 with the Kingfisher logo slated to go under the hammer on the same date. Earlier attempts to sell Kingfisher Airlines' logo, brand, taglines, Mallya's private jet, and the Kingfisher House, have all been unsuccessful. 

(With agency inputs)