India, New Delhi: Chairman of now-defunct Kingfisher Airlines Vijay Mallya has refused to share details of the offshore entities being owned by him. Mallya questioned the authority of banks to seek the details of foreign assets been held by him. Mallya claimed that the banks did not take into consideration any of his foreign entities while sanctioning loans.
The reply was made by Mallya’s legal counsel in the Supreme Court on his behalf. Accused of defaulting an accumulated loan amount of Rs 9,000 crores, the delegates of 17 banks, led by IDBI has accused Mallya of siphoning his wealth in offshore entities being owned by him. The banks have rejected the proposal of compromise being offered by Mallya. Seeking a time period of two months from the apex court, Mallya’s legal counsel has promised to disclose the details of all his assets by June 26 before the bench in a sealed cover. Mallya has further demanded the judiciary to instruct Karnataka High Court to unfreeze his assets worth Rs 1,378 crores which could be used to pay off debts.
Earlier in the day, Enforcement Directorate (ED) approached Ministry of External Affairs to initiate the process of deporting him back to India. The ‘king of good times’ is reportedly staying in London. ED is also set to move to the Central Bureau of Investigation (CBI), which in-turn would move a red corner notice through the Interpol, speeding up the process of Mallya’s deportation.