SC questions Mallya regarding truthful disclosure of assests

Today while hearing the State Bank of India with consortium of banks seeking recovery of Rs.9,000 crores, a bench comprising of Justices AK Goel and UU Lalit questioned the liquor baron Vijay Mallya whether “he truthfully disclosed his assets or not” after the Attorney General Mukul Rohtagi alleged that receiving of 40 million USD by Mallya was not disclosed. On March 3, the banks communicated to the Supreme Court regarding 40 million USD that Mallya has transferred to the trusts set up for his three children which he received from the sale proceedings from the British Company named Diageo PLC. It is in violation of the order passed by the Karnataka High Court which had denied Mallya to transfer or alienate his assets to any third party. Thereby, the banks requested the Court to order Mallya t bring back the 40 million USD received by the British Company. The consortium of banks pleaded the Courts to ensure that Mallya deposits the money and if he fails to do so, Mallya should make a personal appearance in the Court.

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