Respond to banks’ allegations on USD 40 million transfer: SC to Mallya

Senior advocate Shyam Divan, appearing for the banks, alleged that orders of Debt Recovery Tribunal and Karnataka High Court have been violated by Mallya by transferring 40 million USD to his children.

It is a matter of record that Mallya and his firm owe over Rs 6,200 core to the banks and the money should have been deposited here, he said.

Senior advocate C S Vaidyanathan, appearing for Mallya, sought time to respond to the banks’ plea, which was granted.

From Agencies, Feature image courtesy financialexpress