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Supreme Court directs Vijay Mallya to disclose his overseas assets

By Newsd
Updated on :

The Supreme Court on Tuesday told liquor baron Vijay Mallya to disclose in full the assets he holds overseas including the details of the $40 million he got from Diageo in February.

Saying it was not happy the way he had made disclosure, Justice Kurian Joseph and Justice Rohinton Nariman said Mallya will furnish particulars of his foreign assets as he had given in respect of his assets in India.

The Supreme Court specifically asked Mallya to disclose what he did with the $40 million (about Rs. 265 crore) he received from Diageo, a British company, that bought the liquor baron’s United Spirits Ltd (USL).

“We dont find answer from your reply on 40 million dollar(s). We are not happy with the way you filed the statement,” the court said. “We are prima facie of view that Mallya has not made proper disclosure of assets as per our order, his response is vague,” the court added.

The amount was paid to Mallya as part of a larger payout deal signed in February this year, according to which he was to receive $75 million over a five-year period in exchange for stepping down as the non-executive chairman of USL.

Attorney General Mukul Rohtagi said today that Mallya had stashed the money in a Swiss Bank.

Mallya, who owes over Rs 9,000 crore to a consortium of lenders led by the State Bank of India, left India this March. He’s currently said to be in the UK, and has defied several court orders to return home.