Vijay Mallya’s proposal to repay Rs. 400 crores rejected, ordered to declare...

Vijay Mallya’s proposal to repay Rs. 400 crores rejected, ordered to declare assets

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Liquor giant and loan defaulter Vijay Mallya is in for more trouble as the banks have rejected his offer of paying Rs. 4000 crores. The Supreme Court has said ordered Mallya to declare his assets by April 21, 2016 and has also told to inform the court when it will be appearing before its bench.
On April 7, 2016, the court told Mallya to deposit a ‘substantial amount’ with it to ‘provide his bonafide’ . By April 21, 2016 Mallya has to let the court know how much he is will be depositing. The next hearing on the case is due on April 26, 2016. The counsel for the loan defaulter on April 7, 2016 did not specify when he will be returning to India but said that there are currently some problems with his returning home.
The counsel also said that he will inform about Mallya’s return by April 22, 2016. The court has also ordered Mallya to make a full disclosure of all his Indian as well as foreign properties including moveable and immovable that he, his wife and his children own.
Mallya had earlier offered that he would pay back Rs. 4000 crores by September 30, 2016 but the State Bank of India rejected the proposal saying that there is no value in the proposal.

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