Repugnant behavior of VIJAY MALLYA towards liquidation of Property
Amit Desai, the representative of fugitive VIJAY MALLYA, has opposed consortium application of selling out his property.
The consortium of 12 banks led by SBI had decided on Monday to sell Mallay's assets that the Enforcement Directorate (ED) has attached so that these can be sold "immediately" to recover the debts. The application has been filed under special CBI court in Mumbai.
Desai said, "consortium have other alternatives too. He added, "consortium should have gone to the civil court rather than going to CBI court." Desai added that the special court in Mumbai was not the right forum for passing the order on liquidating the property as the proper forum was the Karnataka High Court. He further added that at CBI court had not involved Kingfisher's employees in any of the proceedings.
Desai said that Mallya has been saying that everything should be sold off and the money should be handed over to all those people to whom he owes. "We have been suggesting for the last one year, appoint a retired judge, sell off everything, don't involve me (Mallya) and take everything."
The principal amount that Mallya owes to the banks is around Rs 5,000 crore, which has risen to around Rs 12,000 crore with the 11.5 percent interest that has been mounting because of non-payment of dues.
According to the people who were involved in the case said "when the investigating agencies had attached Mallya's properties, which mainly consists of shares of some of his companies, the attachment was worth only Rs 2,000 crore. But over the years with the share prices going up, his stakes have reached Rs 15,000 crore, and thus there is "ample for everyone to get their share."
Syndicate lawyer said" "One does not know when he will come back and until then public money cannot be kept in abeyance
Advocate D P Singh representing the enforcement agency got up to say that he only wanted to correct the argument made by the consortium lawyer.