22 April 2016 : In a response to the Supreme Court’s demand, Vijay Mallya has clearly stated that since he and his family were NRI’s , he was not under any compulsion to reveal details about his overseas assets to the consortium of 17 banks who disbursed loans to his company. He also stated that since his overseas assets were not accounted for when he took the loan, he was not obliged to reveal details either.
However, Mallya has offered to settle bank loans for which he his facing default charges. He has offered to pay Rs. 6868 crores which includes the amount of Rs. 1591 crore which he offered to deposit as a bona fide with the Supreme Court. The offer is made against his loan default which amounts to more than Rs.9000 crores.
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Initially, Mallya’s offer to pay Rs.4400 crores as full settlements of his loans was rejected as the amount was considered unsatisfactory. The businessman has now revised his offer to pay approximately Rs.2000 more in addition to the initial amount offered.
This amount will be raised by selling Mallya’s shares in various companies including shares held by him in United Spirits and Airbus.