“No rights of banks over information of assets in foreign”, Mallya to SC

Vijay Mallya by an affidavit filed today in the Supreme Court told that banks who have initiated recovery proceedings against him have no right over the information of his movable and immovable assets in foreign countries as he was an NRI since 1988. Mallya stated that “recent actions of the central government confirm I am being persecuted needlessly and wrongly prosecuted”. As per the affidavit, Statement of Assets was confined to assets in India only and overseas assets were not disclosed which as a Non-resident Indian, Vijay Mallya is not obliged to disclose even to income tax authorities in his Indian tax returns”, In his affidavit, Mallya claimed that as an NRI, he was not obliged to disclose his overseas assets, and added that his three children, wife, all US citizens, also need not disclose their assets. “Overseas assets were not considered while granting loans”, he said in his statement.

The Supreme Court had asked the liquor Baron to disclose all assets of him, his wife and all his children by 30th April 2016.

By – Rohit Arora