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Prevent Vijay Mallya from leaving India: 17 banks urge Supreme Court
Posted on: 08-03-2016 , 12:10:PM | DY365 Bureau

 PIC COURTESY- The Pioneer

Mar 8, 2016- A consortium of 17 banks on Tuesday moved the Supreme Court seeking its directions to prevent liquor baron Vijay Mallya from leaving the country. This comes a day after Mallya suffered a double blow with a case of money laundering filed against him as well as a freeze on his Rs 515 crore payout.
The petition filed by the State Bank of India and 16 other banks has requested the top court to ensure Mallya does not flee the country following the Enforcement Directorate lodging a money laundering case against the beleaguered liquor baron. It is feared that Mallya might become a fugitive from law by shifting base to a country where it might be difficult to make him face the Indian laws.
The Supreme Court will hear the matter on Wednesday.  Mallya's now defunct Kingfisher Airline owes the consortium a whopping Rs 10,000 crore, including compound interest over the remaining combined loans of Rs 7,800 crore borrowed between 2004-12 before it was grounded and shut down subsequently.



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