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Vijay Mallya refuses to reveal about his assets outside India

| | Apr 22, 2016, at 03:35 am
New Delhi, Apr 21 (IBNS): Businessman Vijay Mallya, who is wanted in India for defaulting on repayment of the bank loans, on Thursday said that the financial institutions have no right to access the details of the assets owned by either his family or him abroad, media reports said.

The liquid baron told the Supreme Court that he had shared details of the assets pledged as collateral against loans to Kingfisher.

He also said that he is not bound to give information on what he owns personally overseas.

This comes after the apex court had asked Mallya to provide a list of his assets under oath.

His lenders had reportedly alleged that while he has not repaid them, Mallya owns luxury mansions and other high-value investments outside the country.

On Monday, a Mumbai court issued a non-bailable warrant against Mallya.

The court was hearing cases against the liquor baron  under the Prevention of Money Laundering Act (PMLA).

Mallya, who is currently outside India, has been put on the dock for defaulting on repayment of the bank loans extended to the now-defunct  Kingfisher Airlines, of which he was the Chairman.

The ED, which made the allegation in court, has asked for a non-bailable warrant against  Mallya, who has been abroad since March 2 after a consortium of banks stepped up pressure to recover the loans.

The government  on Friday suspended the diplomatic passport of Mallya  and said the passport would be revoked if he did not respond within a week.

Vijay Mallya's UB Group on Monday denied that  the Beleaguered business tycoon had used Rs. 430 crore of the bank loan extended to Kingfisher Airlines for acquiring property abroad.

The group had moved an application before a special court in Mumbai on a request for a warrant against the former liquor baron.

The UB Group said that the loan was extended for legitimate business purposes and assured that it will provide full details in the coming days.

"The audited accounts of Kingfisher Airlines including for the year ended (March 2010) show all foreign exchange transactions which includes funds borrowed from IDBI Bank used for legitimate business purposes only," a UB group spokesman had said.

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