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SC adjourns Vijay Mallya's case till February 27

Vijay Mallya had absconded to UK last year after defaulting on loans worth Rs 9,000 crore.

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Supreme Court, on Monday, adjourned liquor baron Vijay Mallya's case till February 27. 

On January 11, SC had granted three weeks time to Mallya to file a reply to the consortium of banks who sought deposit of the amount of $40 million. 

Mallya had absconded to UK last year after facing heat for defaulting on loans worth Rs 9000 crore and is currently wanted for trial. The Special Court has declared the him a proclaimed offender and directed the Enforcement Directorate to attach his movable properties.

A consortium of banks had approached the apex court for its intervention to bring back Mallya to India and repay the money. The banks argued that the business tycoon  has not been candid with the court regarding his assets, citing the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.

On April 26, the Supreme Court had directed Mallya to disclose his assets to the consortium. The banks also said the disclosures made by Mallya on his Indian and overseas properties were "vague". The banks also refuted Mallya's allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs 9,000 odd crore in instalments. 

On February 8, the board of United Breweries asked Vijay Mallya to step down as its non-executive chairman following a Sebi order which barred the embattled businessman from holding directorship in any listed company. In an e-mail to Mallya, United Breweries' Company Secretary Govind Iyengar said that in the absence of any stay or vacation of the Sebi order, the "board is compelled to request you to step down from the board" with immediate effect.

(With agency inputs)

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