ProMASS News Bureau: Mar 9, 2016:
Supreme Court will hear today a plea filed by public sector banks seeking a direction that industrialist Vijay Mallya be restrained from leaving India. These banks had advanced loans of over 9,000 crore rupees to his firm.
The consortium of banks, in their appeal, have assailed the March 4 order of the Karnataka High Court refusing an ex-parte ad interim order against Mallya, England-based Diageo Plc and United Spirits Limited. The banks said that the High Court should have passed an interim order, securing their financial interests.
Prior to moving the High Court, the banks had filed four pleas in the Debt Recovery Tribunal (DRT) at Bengaluru seeking reliefs like freezing of Mallya’s passport and arrest warrant against him.
They had also sought a direction to Mallya that he should disclose his assets on oath. The DRT, on March 2, heard arguments only on one plea and did not consider other three pleas which were related to freezing of the passport and restraining Mallya from leaving country.
