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Indian court orders disclosure of Kingfisher Airlines chairman's foreign assets

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Indian court orders disclosure of Kingfisher Airlines chairman's foreign assets

rtIndia's Supreme Court ordered the disclosure of VijayMallya's foreign assets to banks amid the ongoing effort to recover more than90 billion rupees of debt from the chairman of the defunct Kingfisher Airlines,The Hindu Business Line reportedApril 26.

Attorney General Mukul Rohatgi, who represents the bankingconsortium led by State Bank ofIndia, said details of the businessman's foreign assets arenecessary for the group to go after him. The assets include those of Mallya,his estranged wife and his children.

Mallya had contended that disclosing his properties to banksis a violation of his and his family's rights to privacy. C.S. Vaidyanathan, asenior advocate defending Mallya, said the banks have rejected two made by his clientsfor one-time settlements of the debt.

The court, however, said Mallya had not made any tenableobjections to disclosing his assets. It also ordered the debt recovery tribunalto complete the proceedings against Mallya in two months.

Mallya is believed to be in the U.K. after India in March, just daysbefore the banks took action to bar him from leaving the country. Mallya had refusedto return for fear of an unfair trial and also because his passport had beenrevoked, The Hindu Business Line said.

As of April 26, US$1was equivalent to 66.48 Indian rupees.