Get back $40 million or appear in court: Banks to Mallya

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NEW DELHI: Banks led by SBI on Friday told the Supreme Court that defunct airline KingfisherBSE 3.03 % head Vijay Mallya either get back 40 million US dollars back to India or appear personally to explain how that money was sent out without court nod.

“He secretly ferretted the money away onto a trust for his children,” Bank lawyer Shyam Divan told a bench comprising justices Adarsh Kumar Goel and Uday Lalit which will now hear the case.

Mallya got the money from the sale of his share in the ub group to UK major Diagieo.

But had not revealed this and transferred it in the face of a court injunction not to transfer it without paying back his dues to the banks, Divan charged.

Mallya owes over Rs 9000 cr to the Indian banks. The court will hear the plea on Thursday. Mallya is facing a contempt case filed by the banks for failing to truthfully reveal his assets to the court.