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Vijay Mallya Offers To Repay Rs 4,000 Cr To Banks By September

Businessman Vijay Mallya on Wednesday offered to pay Rs 4,000 crore by September 31, 2016 to a consortium of banks, led by the SBI, against an outstanding loan of Rs 9,000 crore. Mallya offered to pay Rs 2,000 crore upfront and remaining Rs 2,000 crore by September 31, 2016. Mallya's offer was made in the Supreme Court by his counsel C S Vaidyanathan.

But his counsel remained silent on the question of whether Mallya intended to return to India from London or not. The SC allowed the consortium of banks to respond within a week's time to Mallya's proposal and posted the matter for hearing on April 7.

Mallya, promoter of long-grounded Kingfisher Airlines, had left India on March 2, presumably for London, days before the Supreme Court heard a plea of clutch of state-owned banks seeking recovery from his group firms. During the hearing today, Mallya also accused media of running campaign against him while assuring to payback loans. On this, the SC bench observed that media is doing its job in public interest.

Mallya has also been summoned by Enforcement Directorate (ED) to make a personal appearance before its investigating officer in Mumbai on April 2 in connection with its money laundering probe in the over Rs 900 crore IDBI loan fraud case. He has sought more time from the agency to present himself on a later date instead of the scheduled time of March 18.

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