Vijay Mallya offers to repay banks Rs 4000 crore by September

Vijay Mallya offers to repay banks Rs 4000 crore by September

Industrialist Vijay Mallya, who owes more than Rs 9000 crore to a consortium of 17 banks, today submitted to the Supreme Court a repayment plan of Rs 4000 crore by September this year. The top court has asked the consortium led by the State Bank of India (SBI) to respond to the liquor baron’s proposal.

Mallya’s lawyer told the Supreme Court that he had two rounds of meeting through video conferencing with the banks after leaving India last month. “The media hype has vitiated the fair trail,” he told the court from London.

In response, the banks are reported to have told the court that they need a week to look at the proposal. The consortium also said it would have been better if Mallya was in India.

The next hearing in the matter has been fixed for April 7.

Mallya, promoter of long-grounded Kingfisher Airlines, had left India on March 2. The Enforcement Directorate (ED) had earlier issued summons to Mallya for “personal appearance” on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA). But the flamboyant business asked for a date in April, making it clear that he would not be able to appear before that.

Mallya, who is currently in the United Kingdom and is being sought out in India over charges of money laundering, claimed that the banks gave him loans after evaluating all aspects and asserted that he is not trying to evade the law enforcement agencies but is on a personal visit.

Earlier today, the 60-year-old businessman said his son Siddharth should not be dragged into any controversy. “My son Sid does not deserve all this hatred and abuse. He has had nothing to do with my business. Shower abuse on me if you must but not him. Slam me if you must but not a young man,” Mallya said in a series of tweets.

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