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Indian banks seek court hearing against Kingfisher Airlines promoter

A consortium of banks led by filed a contemptpetition against VijayMallya, promoter of the defunct Kingfisher Airlines Ltd., for notproperly disclosing his assets, Mintreported July 15.

The Supreme Court of India had in April ordered Mallya todisclose his and his family's assets amid the banks' efforts to recover about 90.91billion rupees of debt from the grounded airline group. The court order cameafter the banks rejected Mallya's offer to pay 40 billion rupees of the debt.

Mallya agreed to disclose the list of assets to the court,but asked not disclose the information to the banks.

In the contempt petition, the banks said the disclosure was"vague and so unclear" and that it would be impractical for the banksto locate the assets, according to the report. Attorney General Mukul Rohatgialso said Mallya's disclosure was "vague and untrue" and had askedthe court for urgent hearing.

The Supreme Court agreed to hear the case July 18.

As of July 14, US$1was equivalent to 66.87 Indian rupees.