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    It's Unfair to make me poster boy of NPAs: Mallya

    Synopsis

    Vijay Mallya named industrial houses that owed the banking system much more than he did, and accused the banks of “unfairly“ slapping criminal cases against him over what he claimed was a genuine “commercial failure“.

    It's Unfair to make me poster boy of NPAs: MallyaET Bureau
    NEW DELHI: Vijay Mallya, chairman of the now-defunct Kingfisher Airlines, on Thursday told the Supreme Court that he was being “unfairly projected as the poster boy of non-performing assets (NPAs)“ over the “commercial failure“ of his airline.
    In an affidavit filed in the top court through his lawyers, Mallya, calling himself the victim of a relentless media trial against him, urged the top court to intercede and give him the benefit of a fair and equitable determination of his financial liability over the failed airline venture.

    He also urged the court to dismiss the proceedings filed against him by banks seeking his return to India to settle dues of over `. 9,000 crore. “...this court ought not to permit the petitioners to abuse the process for ulterior and oblique motives. The present proceedings are yet another step in the long litany of proceedings adopted to ensure that Kingfisher, UBHL and Respondent 3 (Mallya) are deprived of a full determination of the quantum alleged due to them by following the due process of law,“ his affidavit said.

    Mallya, who named industrial houses that owed the banking system much more than he did, accused the banks of “unfairly“ slapping criminal cases against him over what he claimed was a genuine “commercial failure“. Although he had stood as a personal guarantee for the loans of Kingfisher, the quantum of his liability would have to be determined by a competent court.

    The banks had moved the court days before Mallya left the country, seeking intervention to get him back to the country to pay up his dues. A top court bench, comprising Justices Kurien Joseph and RF Nariman, has so far not acceded to their demand, but had ordered Mallya to submit details of his assets and liabilities. The attorney general who represents the banks then sought contempt of co urt action against Mallya for his failure to give details of his $40-million Diageo receipts. The banks had insisted in the first round that he make a full and fair disclosure of all his assets and make a reasonable payment as the first step for a negotiated settlement. In the affidavit, Mallya claimed that the receipts, which bind him and his family to non-compete agreements for generations to come, were deposited within days in trusts in the name of his three children. All the three children are US citizens and he was not the trustee of these trusts, he said, implying that he would have no control over how the money would be spent. Mallya also argued that no court had determined yet the quantum of liabilities of either Kingfisher Airlines or United Breweries. In the absence of any final determination, only Kingfisher, and not its directors, promoters or shareholders, would be liable, if at all, he said.


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