The former UB group chairman Vijay Mallya, who is at the moment in London, announced to the banks via video conferencing on Wednesday that he would repay Rs 4000 crores by September.
Reportedly, Mallya offered to pay Rs 2,000 crores immediately and an additional 2,000 crores by September 2016. The banks had previously moved the Supreme Court to recover the dues of about Rs 9,000 crores from Mallya’s defunct Kingfisher Airlines company.
The businessman’s advocate C S Vaidyanathan revealed the same at the Supreme Court and the court has asked the banks to respond to Mallya’s proposal within a week. Mallya made the proposal via his counsel through a sealed cover.
Vaidyanathan said that negotiations with banks on the matter of repayment was in order. He told the court that the media would exaggerate the issue and therefore Mallya’s proposal should be sealed. To this, Justice Kurien, who posted the matter for hearing on 7 April, said that the media ultimately stands for public interest.
Whether Mallya intends to return to India or not is still the big question. Vaidyanathan, however, refused to comment on the matter.
