SC questions Mallya on assets, transfer of USD 40 mn to kids

TIL Desk/Business/New Delhi/ Liquor baron Vijay Mallya, who is presently in the United Kingdom, was today posed searching questions by the Supreme Court which asked him about the “truthfulness” of his disclosure of assets and transfer of USD 40 millions to his children.

A bench of Justices Adarsh Kumar Goel and U U Lalit put for the queries during the day-long hearing after which it reserved the orders on two pleas of lending banks seeking contempt action and a direction to him to deposit USD 40 million received from offshore firm Diageo respectively.

“You answer us whether you have disclosed your assets truthfully? Did you violate the Karnataka High Court order (restraining Mallaya from transferring and alienating assets) by transferring USD 40 million,” the bench asked senior advocate C S Vaidyanathan, representing Mallya.

At the outset, the bench also posed several queries to the consortium of lending banks led by State Bank of India and asked it whether any criminal proceedings have been initiated against Mallya. “Was any security taken at the time of giving the loan? Was the security adequate? If not, then why the loan was advanced without sufficient security.