Home Business Vijay Mallya offers to repay Rs. 4000 cr. to banks by September

Vijay Mallya offers to repay Rs. 4000 cr. to banks by September


New Delhi, March 30, 2016: SC gives banks a week’s an ideal opportunity to react; Mallya says he is still abroad.

Specialist Vijay Mallya on Wednesday offered his account holder banks Rs. 4000-crore as fractional settlement of his contribution even as he affirmed in the Supreme Court that he wouldn’t like to return home yet because of “surcharged climate” against him fuelled by media reports.

In a proposition gave over to a Bench of Justices Kurian Joseph and Rohinton Nariman, Mr. Mallya and Kingfisher Airlines said they would part with Rs. 4,000 crore by September 2016 as an underlying offer to a consortium of banks drove by State Bank of India. Mr. Mallya owes over Rs. 9000 crore to the consortium.

The proposition, Mr. Mallya’s legal counselors drove by senior promoter C.S. Vaidyanathan told the court, was an aftereffect of transactions held through video gatherings with the businessperson, who is currently abroad, as late as yesterday.

As indicated by the consortium’s legal counselors, the proposition likewise says an installment of over Rs. 2000 crore on the premise of a pending suit documented by Mr. Mallya’s organizations. Taking the proposition on record, the Bench gave the consortium a week’s an ideal opportunity to react. “It is for you to let us know whether you dismiss this or not,” Justice Nariman told the banks. Equity Kurian then asked whether Mr. Mallya is back in India or not. “Where are you? Are you back in India?” Justice Kurian inquired.

“No. Media has vitiated the climate. The environment is so surcharged against me… There are cases in which media made such a surcharged environment, to the point that even beatings have occurred… the less said the better,” Mr. Vaidyanathan reacted.

“Media at last stands for general society interest. They simply need the cash taken from the banks to be brought back…” Justice Kurian shot back.

Banks had drawn nearer the Apex court not long ago looking to seize Mr. Mallya’s international ID and limit him from the leaving the nation.

However, on the principal day of hearing, Attorney-General Mukul Rohatgi educated the court that Mr. Mallya had officially left the nation. The Apex court posted the matter for hearing on April 7.