Mallya refuses to reveal assets to SC, cites privacy

 Industrialist Vijay Mallya on Thursday contested before the Supreme Court a plea by the SBI-led consortium of banks to access the details of his assets.

He claimed that the total assets owned by him and his family overseas are worth Rs 780 crore. Rejecting the charge that he absconded, the promoter of defunct Kingfisher Airlines claimed that the recent actions of the Central government only confirmed his apprehension that he was needlessly being “persecuted and wrongly prosecuted”.

In a 41-page affidavit, Mallya contended that details of assets owned by him, his three children and estranged wife were a matter of “privacy” and they need not be put in the public domain. He also said the overseas assets were not considered by the banks before advancing loans or restructuring them. He pointed out that he is an NRI while his children and estranged wife are US citizens.

Maintaining that no overseas asset has been acquired from bank loans, Mallya, once known as 'King of Good Times', submitted that he was inclined to submit details of overseas assets in sealed cover envelopes for the perusal of the court.

With regard to banks’ claim for outstanding loan of Rs 9,000 crore, the liquor baron said he can give a token money of Rs 1,591 crore if the court allows sale of equity shares of United Spirits Ltd and withdrawal of cash deposit of Rs 379 crore from Laxmi Vilas Bank. 

Besides,  there is another Rs 1,329 crore deposit being held on the orders of the Karnataka High Court, he submitted, adding the investments made by KFA and UB group companies were lost but they were trying in all sincerity to work out a settlement.
Blaming “media trial” for his current plight, Mallya, a Rajya Sabha MP, contended that these developments have “created impediments in the whole process and endeavour” by them.

ED seeks Mallya’s deportation

Armed with a non-bailable arrest warrant against him, ED has approached the External Affairs Ministry seeking initiation of deportation proceedings against Vijay Mallya in connection with its money laundering probe against him in the Rs 900 crore loan fraud