Vijay Mallya offers to sell assets to repay bank loans

Fugitive tycoon Vijaya Mallya has sought the Karnataka High Courts permission to let him and his holding firm UBHL sell their assets under judicial supervision and repay creditors including staterun banks UBHL United Breweries Holding Ltd and myself have filed an application before the Karnataka High Court on June 22 setting out available assets of about Rs 13900 crore said Mallya from London in a statement released by his office here on TuesdayMallya has requested the courts permission to allow him to sell the assets under judicial supervision and repay creditors including the staterun banks such amounts as may be directed and determined by the court The 62yearold liquor baron who fled India on March 2 2016 has been living in London since then despite summons from Indian courts and law enforcement agencies to appear before them for trial in various related casesAsserting that recovery of loans was a civil matter Mallya said the Central Bureau of Investigation CBI and Enforcement Directorate ED had however criminalised it in his case by moving against him aggressively despite his intentions to settle the dues with the banksThe CBI and ED seem determined to frame criminal charges against me on the pretext of nonpayment to the banks The motivation however seems to be to secure my presence in India to face charges than to determine if the evidence collected by the investigative agencies demonstrates criminal charges against me or to permit me to sell assets and repay creditors he saidClaiming that the bulk of the dues were on account of interest Mallya said owing to injunctions attachments and refusal to grant permission to sell the assets it interest had kept mountingConsequently the bloated figure of outstanding dues to the banks is largely on account of these mala fide actions If CBI or ED object to my proposal and sale of assets it will demonstrate that there is an agenda against me beyond recovery of dues to the banks the statement pointed outReiterating that he made efforts to settle the dues Mallya said if politically motivated and extraneous factors interfere there was nothing he could do A consortium of 17 banks led by the State Bank of India SBI gave Rs 5500 crore loans to Mallyas now defunct Kingfisher Airlines since over a decadeOver Rs 600 crore has been recovered through sale of pledged assets and Rs 1280 crore was deposited with the Karnataka High Court since 2013 recalled Mallya Referring to the charges allegedly made by politicians and the media that he ran away from the country after stealing Rs 9000 crore loaned to his airline Mallya said some of the lending banks had also declared him a wilful defaulterThe CBI and ED have filed chargesheets against me with untenable and false allegations acting at the behest of the government and lending banks The ED also attached assets belonging to me my group companies and owned andor controlled by my family under the Prevention of Money Laundering Act PMLA currently valued at Rs 13900 crore said MallyaObserving that he became the Poster Boy of bank default and a lightning rod of public anger Mallya said though he wrote letters to Prime Minister Narendra Modi and Union Finance Minister Arun Jaitely on April 15 2016 clarifying his position and seeking their intervention to settle the dues there was no response from either of themAlso Read ED Moves Court To Declare Vijay Mallya A FugitiveCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updatesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever