Disclose full details of assets in India and abroad: SC to Vijay Mallya

The Supreme Court on Tuesday directed beleaguered businessman Vijay Mallya to file a detailed affidavit about all his assets within a month, in connection with the recovery of more than Rs 6,000 crore from him.

The apex court has asked Mallya to give complete details of his overseas assets in four weeks. It has also asked him to disclose what he did with $40 million he had received from Diageo as part of his exit from United Spirits Ltd.

The next hearing in the case has been scheduled for November 24.

A consortium of banks had approached the apex court seeking its intervention in bringing Mallya back to India and for repayment of the loans his companies had taken.

The banks, in their plea, told the apex court that there Mallya and his firms had outstanding debt of almost Rs. 9,000 crore.

The banks have argued that Mallya, who is now living in the US, has not been candid with the court regarding his assets, citing his failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.

On April 26, the Supreme Court had directed Mallya to disclose his assets to the consortium. The banks also said the disclosures made by Mallya on his Indian and overseas properties were "vague".

They also denied Mallya's allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs. 9,000 odd crore in instalments.