Supreme Court queries Vijay Mallya about $40 million transferred to kids
By MEHER ONISA : 10-Mar-2017
New Delhi: On Thursday, a bench of Justice Adarsh Kumar Goel and Justice U U Lalit together with the Supreme Court of India has reserved their order on their plea for actuating criminal proceedings against Vijay Mallya who had allegedly channeled $40 million worth assets to his children and beneficiaries son Siddharth Mallya and two daughters Leanna Mallya and Tanya Mallya.
The SC had acquired information about Mallya confidential fund transfer through a consortium of lending banks handled by State Bank of India.
The bench strictly queried Mallya with the questions below:
"Answer us whether you have disclosed your assets truthfully?
Did you violate the Karnataka High Court order restraining Mallya from transferring and alienating assets by transferring the US $40 million?
Was any security taken at the time of giving the loan?
Was the security adequate?
Why was the loan advanced without sufficient security?
Is it not a case of misrepresentation with regard to security?
Why did you not disclose the receipt of US $40 million from London-based company Diageo Plc and diverted money to the three of his children?"
Attorney General Mukul Rohatgi and senior advocate Shyam Divan had demanded Mallya to re-deposit US $40 million before the court. They added that Mallya needed to appear in the court personally as the legal notice has already been issued against him. The SC has enforced the government for the urgent deportation of India’s liquor baron from the UK.