Banks will have no right to inquire about the assets owned by me or my family abroad, Vijay Mallya says, who is wanted in India, for unpaid loans worth billion dollars.
In March, Mallya flew to London, just as a group of banks, mostly state-run, ramped up efforts to recover the money given to his Kingfisher Airlines, which became defunct in 2013.
Mallya today told to the Supreme Court that, he had shared details of the assets pledged as collateral against loans to Kingfisher, but denied to provide any information about his overseas assets.
The lenders of Mallya alleged that, the 60 year old owns luxury mansions and other high-value investments outside India. It was then the apex court had asked Mallya to purvey a list of assets under oath.
With the intention of making him return to the country, the government has suspended Mallya's diplomatic passport, issued to him because he is a parliamentarian. The court has also issued an arrest warrant for Mallya.
He however, ignored three requests to appear in Mumbai for questioning by the Enforcement Directorate.
This is making the directorate doubt whether, Mallya siphoned abroad nearly half of a 900-crore loan from IDBI and however, he has denied any wrongdoing.
After his Kingfisher beer went popular, Mallya’s wealth increased substantially. In 2003, he launched Kingfisher Airline aiming to provide luxury travel to the average Indian flier. But in 2012, the airlines stopped flying, grounded by debt, and the next year, its license was canceled. Several thousands of employees are still owed wages.
By Phani Ch