Vijay Mallya ups bank settlement offer to Rs 6,868 crore: Reports
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Business tycoon Vijay Mallya told the Supreme Court on Thursday that he was not obliged to reveal the details of his overseas assets to the 17-bank consortium of lenders since him and his entire family were non-resident Indians, and because none of his overseas assets were taken into stock while approving the loans that have now turned sour.
However, Mallya, as a bona file of his intention of resolving the bank loan default case along with several other cases against him, upped the settlement amount he would pay the banks to Rs 6,868 crore, according to reports. This includes the Rs 1,591 crore that he offered to deposit with the Supreme Court as a bona fide on Thursday.
According to a report in a leading daily, Mallya has offered to pay Rs 6,868 crore to the banks as a settlement of his loans exceeding Rs 9,000 crore.
Mallya had previously offered to make a payment of Rs 4,400 crore to the banks as a full and final settlement, but it was rejected after due consideration by the lenders and termed as 'too little' and 'unsatisfactory'. Now, Mallya has said that he will pay over Rs 2,000 crore more.
This amount will be garnered by selling Mallya's shares in various companies, the report suggests.
According to the report, Rs 1,591 will be paid upfront by selling Mallya's United Breweries' shares in United Spirits worth Rs 660 crore plus Rs 243 crore will be garnered by selling Kingfisher Finvest's shares in United Spirits; and Rs 688 crore by selling Kingfisher Airlines' shares in Airbus.
Another Rs 1,329 crore that has been deposited in various cases before the Karnatake High Court can be pledged, Mallya said according to the report.
While maintaining that the banks had no right to seek disclosure of his overseas assets, Mallya said that he was willing to draw up a list of his domestic assets, including those held by his family and submitting them before the apex court in a sealed envelope.
About his return to the country, Mallya said that returning to India wasn't possible as the Ministry of External Affairs had suspended his diplomatic passport. On Thursday, the Enforcement Directorate, the government's agency that looks into financial frauds, also sought help from the MEA to get Mallya back to India.
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