Vijay Mallya claims Banks have No Right over Foreign Assets Information

vijay mallya refuses to disclose foreign assets
Vijay Mallya has also offered to deposit Rs. 1590 crore initially to settle the dues

Vijay Mallya, who has a debt of around Rs. 9,400 crore to pay, came up with another plan to pay his dues. He has offered to deposit Rs. 1,590 crore initially and is trying to establish an intent with the lenders as they have earlier rejected his proposal.

Besides that, he also submitted an affidavit to the Supreme Court, saying that the NRIs are not obliged to disclose their foreign assets and that means that the bank has no right to the information of his movable and immovable assets in foreign countries. He left the country this year, and submitted a response to a directive seeking declaration of all his assets. Banks are trying hard to crack this down and this issue has come up at the centre of India’s economy. He also added that he can make an additional payment of Rs. 1,398 crore withheld by the Karnataka High Court.

Mallya claimed that he is an NRI for income tax and foreign exchange regulation since 1988. He has submitted before the court that the assets owned by him, his children and his wife were a private matter. He further added that the banks did not ask for his foreign assets while giving loans, so there is no reason that this information needs to be put in front of the public domain.

He said that he has been making all the efforts to work out a settlement in all sincerity by offering to pay to the extent possible and feasible until the government suspended his passport and later the court issued a non-bailable warrant against him.

On that note, Indian Foreign Ministry said that Mallya was given a week to respond as to why his diplomatic passport should not be impounded, and later it was suspended.

Mallya also said that he was not a willful defaulter and that the failure of the airline was a commercial failure.
The affidavit mentioned, “Statements of assets was confined to assets in India alone and overseas assets were not disclosed which as a Non Resident Indian, Respondent No 3 (Vijay Mallya) is not obliged to disclose even to income tax authorities in his Indian tax returns.”

The ED has approached the External Affairs Ministry and is soon going to approach to the CBI also to get an Interpol Red Notice issued against him so that he gets arrested. Mallya is expected to be in UK currently.

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