SC orders assets details of Mallya family be given to banks

“We don’t find any tangible objection in disclosing the assets (of Mallya, his wife and children) to banks,” a bench comprising Justices Kurian Joseph and RF Nariman said. The bench directed the apex court registry to furnish to the lenders, a consortium of banks, the details of assets, both domestic and foreign, declared by the former liquor baron of himself and his family members, in sealed cover to the apex court. 

The top court, which said Mallya has not complied with its April 7 order in its letter and spirit, observed that “the whole purpose of asking for disclosure was to give a fair idea to banks for entering into a meaningful and viable settlement.” It asked the Debt Recovery Tribunal in Bengaluru to “expeditiously decide” within two months, the pleas of banks and financial institutions for recovery of their loans.  

“He is a fugitive from justice in India,” the Attorney General said, adding the embattled businessman was playing “hide and seek” and cooking “cock and bull story.” The direction was issued after AG Mukul Rohatgi submitted that there was “total non-compliance” with the apex court’s April 7 order.