The Supreme Court was on Tuesday hearing a contempt petition against beleaguered businessman Vijay Mallya for violating a court order by not disclosing his assets in India and abroad. Mallya’s Kingfisher Airlines, which ceased operations in October 2012, owed the banks – mostly state-run – over Rs. 9,000 crore including interest and fees.
Though Mallya didn’t give the complete details of his foreign assets, but in a statement disclosed to the Supreme Court that he had Rs.16,440 as cash in hand as of March 31, 2016.
Here’s everything else he disclosed:
- His bank deposits in India totalled Rs 12.6 crore, which was under attachment by the Income Tax Department
- He also stated he had “investments and cash equivalents” of about Rs 35 crore in overseas assets but made no reference of any bank account or cash in hand.
- The Supreme Court asked Mallya to explain what happened to the $40 million he received as part of a settlement with Diageo.
- As part of $75 million settlement agreed with Diageo, under which the liquor baron stepped down as chairman of Diageo-controlled United Spirits, Mallya got $40 million and the rest was supposed to be paid over five years. A debt tribunal however has halted the remainder of the payment to Mr Mallya.
The bench posted the matter for further hearing on November 24 where he is supposed to make a full disclosure.
(With PTI inputs)