Vijay Mallya promises to pay Rs. 4000 crores before September 31

Vijay Mallya promises to pay Rs. 4000 crores before September 31

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Indian businessman Vijay Mallya, who has been alleged of fleeing from the country in order to escape from his debts, has offered to pay Rs. 4000 crores by September 31, 2016. Mallya through a video conference has said that he will arrange the money to be paid to a consortium of banks.
The liquor giant has offered to pay Rs. 2,000 crore upfront and the remaining Rs. 2,000 will be paid by September 31, 2016. The offer by Mallya was made in the supreme court by his counsel C.S. Vaidyanathan. Vaidyanathan could not answer when he was asked whether Mallya intends to return to India from London.
The Supreme Court has been given a week’s time to respond to Mallya’s proposal and posted the matter for hearing on April 7, 2016. Reports say that Mallya had left India on March 2, 2016 for London just days before the Supreme Court heard a plea of the state-owned banks seeking recovery from his group firms.
During the hearing, Mallya has also accused the media of running a campaign against him while assuring to payback loans. But the Supreme Court observed that the media was doing its job in public interest. The politician has been summoned by enforcement Directorate to make a personal appearance before the investigating officer in Mumbai on April 2, 2016.

Photo Credits: ibnlive