Source: News Bharati English03 Mar 2017 17:01:53

New Delhi, March 3: Coming out as a nasty jolt for businessman Vijay Mallya in the loan’s defaulter case, the banks led by SBI on Friday told the Supreme Court that unused airline Kingfisher head Vijay Mallya either get back 40 million US dollars back to India or appear personally to explain how that money was sent out without the court’s consent.
The lawyer of bank Shyam Divan informed a bench of Supreme Court comprising justices Adarsh Kumar Goel and Uday Lalit which will now hear the case that Vijay Mallya has secretly transferred the money away on to a trust for his children.

The bank also informed that Mallya got the money from the sale of his share in the ub group to UK major Diagieo. But had not revealed this and transferred it in the face of a court injunction not to transfer it without paying back his dues to the banks, Divan further charged.

Notably, Mallya owes over Rs 9000 cr to the Indian banks. The court will hear the plea on Thursday. Mallya is facing a contempt case filed by the banks for failing to truthfully reveal his assets to the court. Earlier, the Enforcement Directorate has also attached Mallya’s assets worth Rs 6,630 crore. Meanwhile, several unbailable warrants and also declared fugitive are also issued by courts in the money laundering case etc.

Meanwhile, Mallya, who had left India on March 2 for the UK, can approach the British authorities to grant him permission to continue his stay in that country or challenge the revocation of his passport.