April 22, 2016 8:34 AM

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Banks have no right over info on overseas assets: Mallya to SC

Industrialist Vijay Mallya has told the Supreme Court that banks have no right to seek information about his overseas assets. An affidavit filed on behalf of Mallya said, he was an NRI for income tax and foreign exchange regulation purposes since 1988, and he and his three children and wife, all US citizens, were not obliged to disclose their overseas assets even in Indian Income Tax returns. The affidavit said, overseas assets were not considered while granting loans or restructuring loans of Kingfisher Airlines.The court had, on the 7th of this month, directed Mallya to disclose the total assets owned by him and his family in India and abroad by the 21st of April that was yesterday. The court had also sought an indication from him when he will appear before it.

April 22, 2016 7:26 AM

printer

Banks have no right over info on overseas assets: Mallya to SC

Industrialist Vijay Mallya has told the Supreme Court that banks have no right to seek information about his overseas assets. An affidavit filed on behalf of Mallya said, he was an NRI for income tax and foreign exchange regulation purposes since 1988, and he and his three children and wife, all US citizens, were not obliged to disclose their overseas assets even in Indian Income Tax returns. The affidavit said, overseas assets were not considered while granting loans or restructuring loans of Kingfisher Airlines.<br/><br/>The court had, on the 7th of this month, directed Mallya to disclose the total assets owned by him and his family in India and abroad by the 21st of April that was yesterday. The court had also sought an indication from him when he will appear before it.

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