Mallya seeks to sell properties worth Rs 13,900 crores to settle dues
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Mallya seeks to sell properties worth Rs 13,900 crores to settle dues

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Allegor liquor baron Vijay Mallya has sought permission to sell his property worth Rs 13,900 crore in the Karnataka High Court so that he can pay the bank's debt. Mallya said on Wednesday that if his proposal is opposed by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), then it will be clear that this is an agenda against them.

Mallya had said through tweets yesterday that "the 'Poster Boy' of bank default and a lightning rod of public anger", he and his flagship firm -- United Breweries Holdings Ltd -- have approached the Karnataka High Court seeking permission to sell an assortment of properties and other assets under judicial supervision to repay creditors. Once again denying charges of being a wilful defaulter and claiming he was tired of the "relentless pursuit", Mallya claimed that "all (his) efforts are either ignored or misunderstood".

Mallya said in the statement that United Breweries Holdings Limited (UBHL) and he himself appealed in the Karnataka High Court on June 22, 2018 to seek the sale of properties worth Rs 13,900 crore. Mallya tweeted, "We have sought permission from the court to sell these properties in judicial surveillance so that banks can repay their debts.

Mallya further said that if agencies such as ED and CBI oppose the sale of properties it will be clear that the agenda is being carried forward even after the recovery of debt against the poster boy. Mallya claimed that he would make full efforts to settle the debt with banks. If there is any interference from politically motivated, then I can not do anything.

On the question about the timing of issuing the statement yesterday, Mallya said that he has taken this step because of filing an appeal in the High Court. Mallya said that on April 15, 2016, he had written a letter to both Prime Minister and Finance Minister on this issue.

The post Mallya seeks to sell properties worth Rs 13,900 crores to settle dues appeared first on NewsCrab.


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