India’s Attorney General Mukul Rohatgi told the Supreme Court on Tuesday that businessman Vijay Mallya, who left the country on March 2, was a “fugitive from justice in India”.
According to the Press Trust of India, Rohatgi told the apex court that Mallya had not complied with the court's order—to indicate his date of return to India and appearance before the court.
The Supreme Court is hearing a petition filed against Mallya by a 17-member banking consortium, consisting of public sector banks to whom Mallya owes dues of over Rs 9,000 crore.
These dues are related to Mallya’s erstwhile Kingfisher Airlines, which shut down operations in late 2012 after mounting huge losses.
Initially, Mallya had promised a Rs 4,000 crore settlement, which the banking consortium led by State Bank Of India rejected. Last week, however, Mallya raised the settlement offer to Rs 6,000 crore.
But, on Tuesday, Mallya’s counsel told the court that the creditor-banks weren't after the settlement now, but wanted to see Mallya in jail.
While, Mallya’s diplomatic passport has been revoked, he has been slapped with a non-bailable arrest warrant in connection with a loan fraud case. Mallya’s counsel said he had no idea when his client would return to India.
Meanwhile, the court directed Mallya to disclose all his foreign assets, including those of his family members. Mallya had earlier informed the court that as an NRI, his family members and he were not obliged to reveal their foreign asset holdings.
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Mallya is an international businessman. Even a national businessman cannot afford being behind bars as his businesses will collapse. He is done the smart thing to leave India and cut his losses in India. The banks that are seeking the return of their money should have thought about the risks of donating money to an airline. Businesses make losses and sometimes the money is not paid back. It s a fact of business. Banks are also a business and their risk is that they will not get their money back a hundred percent of the time. The national banks should investigate its internal practices and improve lending practices.on May 9, 2016
The Indian laws and system needs to be amended. 1. The investigation agencies should truly investigate the cases. 2. The person should not be arrested till proved guilty. 3. Media trial should be banned. 4. The aim should be to recover as much money as possible, than not to get any money at all, if the person does not come back. Quite possible, if Mr. Mallya comes back to India, he may generate more wealth for India, after all he is a senior businessman.on May 2, 2016
Mr. Attorney General I would however like to know Vijay Mallya is a fugitive from which kind of justice ---- The corrupt justice and law and order system, which can be hand twisted at a whim by people in power and wealthy as well as with the attorney and lawyers and judges? So why would Mallya or anyone for that reason not run away from such kind of broken justice system anyways.on Apr 26, 2016