Won’t disclose my foreign assets to banks: Vijay Mallya tells Supreme Court

| Thursday, April 21, 2016 - 19:31
First Published |
Vijay Mallya

New Delhi: Stuck-in-a-loan-bog Vijay Mallya on Thursday refused to disclose information regarding his foreign assets to the banks by citing that he was a Non-Resident Indian (NRI) who did not need to disclose his foreign assets. 
The Supreme Court had ordered Vijay Mallya to divulge all the information about his foreign and domestic assets by April 21st. But on Thursday, Mallya told the Supreme Court that he was not liable to disclose information about his foreign assets as he was an NRI and his children and wife were all American citizens who had all the right not to disclose their assets. 
Claiming that his shares were stuck in litigation which would deny him the power to put it up for sale, Mallya told the SC that he would only be able to pay token money if the court intervened in pending cases. 
Mallya also told the Supreme Court that he would deposit an amount of Rs 1590 crore with the SC to declare himself as bona fide. He also declared to the Supreme Court that he would reveal information about his foreign assets in a sealed cover. 
Mallya owes a total of more than Rs 9,000 crore in loans to different Indian banks. However, he has only promised to pay back an amount of Rs 6,000 crore to the Supreme Court.  
Reacting to his recent suspension of passport which would increase the chances of Mallya being deported from the UK to India, Mallya told the SC that the unseemly haste in suspending his passport even before issuing a show-cause notice and issuing a NBW were part of an unfair media trial.

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