The Supreme Court on Friday said it would hear next week the plea of a consortium of banks that US $40 million allegedly shifted by liquor baron Vijay Mallya to his children’s accounts, needed to be brought back.
Considering the submission of senior advocate Shyam Divan on behalf of the consortium led by the State Bank of India that US $40 million Mallya had allegedly received from British firm Diageo in February last year and transferred to his children in "flagrant violation" of various judicial orders, a bench of Justices Adarsh Kumar Goel and U U Lalit decided to hear the matter on 9 March.
The banks prayed that orders be passed to "secure the deposit of the said amount of US $40 million before this court or the DRT forthwith, pending disposal of the further recovery proceedings."
The bench had, on 11 January, granted three weeks to Mallya to file an affidavit in response to the plea of banks.
On record, Mallya and his firm owe over Rs.6,200 crore to the banks and the money should have been deposited here.