Close X
Saturday, November 23, 2024
ADVT 
Life

Vijay Mallya Tells SC He Will Pay Up Rs.4,000 Crore

Darpan News Desk, 30 Mar, 2016 01:20 PM
    The Supreme Court was told on Wednesday that liquor baron Vijay Mallya has offered to pay Rs.4,000 crore to settle outstanding dues against the grounded Kingfisher Airlines on account of loans extended by a consortium of 13 banks headed by the SBI.
     
    The apex court bench of Justice Kurien Joseph and Rohinton F. Nariman was also told that Mallya has offered another Rs.2,000 crore that he expects to get if he wins his suit against multinational General Electric.
     
    Senior counsel C.S. Vaidyanathan, appearing for Mallya and Kingfisher Airlines, said the proposal to settle the dues was made to the chief general manager of the State Bank of India on Wednesday morning.
     
    As Mally's proposal to the SBI was given to the court in a sealed cover, Vaidyanathan urged the court to let it remain in the sealed cover -- suggesting it should not reach the media.
     
    Vaidyanathan said: "Negotiations were going on for the settlement of the matter but unfortunately the matter reached the media."
     
    Justice Joseph said the media had only highlighted the amount recoverable from Mallya's grounded airlines.
     
    However, soon thereafter, senior counsel S.S. Naganand, representing the SBI-led consortium of 13 banks, spilled the beans by disclosing the details of the proposal made by Mallya.
     
    Naganand told the court that the SBI needed a week's time to consider the proposal made by Mallya at the level of lead banks chairman Arundhati Bhattacharya and submitted that way back in 2013 the bank had filed a suit claiming Rs.6,903 crore plus interest thereon.
     
    Accepting Naganand's plea, the court gave the consortium a week's time. It said the next hearing will be held on April 7.
     
    On a query from the bench about Mallya's location, his counsel Vaidyanathan said he was still abroad but had held two video conferencing sessions with bank officials after the SBI filed a petition in the apex court seeking his personal appearance.
     
    Initially, a consortium of 13 banks led by the SBI had moved the apex court seeking to restrain him from leaving the country. But by the time the petition by SBI was heard by the apex court on March 9, Mallya had left for London.
     
    On March 9, Attorney General Mukul Rohatgi told the court that Mallya left India soon after they moved applications on March 2 before Bengaluru-based Debt Recovery Tribunal to restrain Diageo from paying him $75 million.
     
    The consortium of 13 banks led by the SBI has challenged the Karnataka High Court's March 4 refusal to pass an interim order restraining Mallya from leaving the country and impounding his passport.
     
    The banks are seeking the recovery of Rs.9,000 crores, saying the secured assets which Mallya pledged against the loans was not even 1/15th of the loan they had advanced to his now defunct Kingfisher Airlines.
     
    Besides SBI, the other banks who gave loans to Kingfisher include State Bank of Baroda, State Bank of Mysore, Axis Bank, Corporation Bank, Federal Bank, Indian Overseas Bank, Jammu and Kashmir Bank, IDBI Bank, Punjab National Bank, Punjab and Sind Bank, UCO Bank and United Bank of India.

    MORE Life ARTICLES

    Why Workplace Bullying Goes Underreported

    Why Workplace Bullying Goes Underreported
    Bullying at work deteriorates mental health of victims so much that they become anxious, leaving them less able to stand up for themselves and more vulnerable to further harassment, warns a study.

    Why Workplace Bullying Goes Underreported

    Like It Or Not Couples As Happy As They Appear On Facebook

    Like It Or Not Couples As Happy As They Appear On Facebook
    Whether you "like" it or not, couples who flaunt how happy they are with their partners through selfies, pictures, or text messages on Facebook are actually more satisfied with their partners than those who do not, says a study.

    Like It Or Not Couples As Happy As They Appear On Facebook

    Lockin' Lips In Paris: Couples Seal Their Love At Eiffel Tower With Heart-Shaped Post-Its

    Lockin' Lips In Paris: Couples Seal Their Love At Eiffel Tower With Heart-Shaped Post-Its
    PARIS — Couples in Paris for Valentine's Day are sealing their love at the Eiffel Tower with the aid of heart-shaped sticky notes.

    Lockin' Lips In Paris: Couples Seal Their Love At Eiffel Tower With Heart-Shaped Post-Its

    Waiting For Mr. Perfect? Go For Mr. Okay Instead

    Waiting For Mr. Perfect? Go For Mr. Okay Instead
    "An individual might hold out to find the perfect mate but run the risk of coming up empty and leaving no progeny," explained co-author Chris Adami, professor of microbiology and molecular genetics at Michigan State University.

    Waiting For Mr. Perfect? Go For Mr. Okay Instead

    'Sacred Sperm' Explores Ultra-orthodox Sex Taboos, Takes Intimate Peek At Insular Jewish Mores

    'Sacred Sperm' Explores Ultra-orthodox Sex Taboos, Takes Intimate Peek At Insular Jewish Mores
    JERUSALEM — Like so many parents, Ori Gruder was grappling with how to talk to his 10-year-old son about sex. Being a member of Israel's ultra-Orthodox religious community, which tends to keep discussions of sexuality to a whisper, made the task even more difficult.

    'Sacred Sperm' Explores Ultra-orthodox Sex Taboos, Takes Intimate Peek At Insular Jewish Mores

    What To Avoid On Valentine's Day

    What To Avoid On Valentine's Day
    How would you feel if your cellphone rings at the table or there's a long pause when the cheque comes during your Valentine's Day date -- make sure you try avoiding certain situations when you take your loved one out.

    What To Avoid On Valentine's Day