Critical day for Billionaire Industrialist Vijay Mallya, last chance to disclose assets today

Thursday, Apr 21, 2016,10:06 IST By Metrovaartha A A A

Mumbai | It is going to be a crucial day for Vijay Mallya. Full process of getting back Mallt to India will not be easy. Today is the date when Vijay Mallya has to reply to the court about his arrival to India.

Supreme court had earlier asked Vijay Mallya to disclose all the details regarding his assets here in India and outside India. According to the Central Bureau of Investigation, Mallya left India the next day when the public sector banks to which he owes about Rs 9,000 crore, moved the Debt Recovery Tribunal against him.

A local court yesterday convicted industrialist Vijay Mallya in a cheque-bouncing case filed against him by GMR Hyderabad International Airport Ltd. The court, however, did not pronounce the quantum of punishment as the Rajya Sabha MP, who left the country last month, was not present in the court, Mallya’s lawyer H Sudhakar Rao said.

The quantum of punishment is expected to be pronounced on May 5 by the court, GMR lawyer Ashok Reddy said. Two cases pertaining to cheque-bouncing were going on against Kingfisher Airlines in the court and the matter was posted for arguments. After the arguments today, the court convicted Mallaya, Kingfisher and a senior official of the airline under section 138 of Negotiable Instruments Act.

Since no accused have appeared before the court, only conviction has been recorded, Sudhakar Rao told. The court had earlier issued a non-bailable warrant against the Kingfisher Airlines, its chairman Vijay Mallya and another senior official of the company for allegedly dishonouring of a cheque of Rs 50 lakh given to GMR Hyderabad International Airport Ltd (GHIAL) which operates the Rajiv Gandhi International Airport here.

The Ministry of External Affairs recently suspended Mallya’s diplomatic passport for a period of 4 weeks on the advice of Enforcement Directorate which two days ago obtained an NBW against him from a Mumbai court in a money-laundering case.

The Kingfisher Airlines, promoted by Mallya, has defaulted on repayment of over Rs 9,000 crore of bank loan.