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SC issues contempt notice to Mallya for not disclosing assets

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Published on 25 July 2016 7:19 AM GMT

SC issues contempt notice to Mallya for not disclosing assets
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New Delhi: The Supreme Court of India has issued a contempt notice to liquor baron Vijay Mallya for not disclosing his assets, after a petition by a consortium of banks trying to recover over Rs. 9,000 in unpaid loans from the tycoon.

The Apex court, had in April, directed Mallya, the chairman of United Breweries, to disclose all assets held by him and his family when a consortium of creditors rejected his offer to repay Rs. 4,000 crore to settle the loans of grounded Kingfisher Airlines.

Mallya -- who has left India and is currently residing in United Kingdom -- later agreed to disclose a list of assets held by him in India to the apex court in a sealed envelope.

Mallya in April last claimed that banks had already recovered Rs. 2,494 crore from Kingfisher Airlines since 2013.

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