International News

NEW DELHI, (APP/AFP) – A group of Indian
banks rejected Thursday embattled businessman Vijay Mallya’s offer to repay $600 million in unpaid loans, less than half of what his defunct airline owes them.
The banks told the Supreme Court in New Delhi that they wanted the
60-year-old flamboyant entrepreneur to return to India so they could negotiate with him personally over the total $1.3 billion owed.
The founder of Kingfisher Airlines, who is being chased by the group of mostly state-run banks over the unpaid debts, left India last month and his exact whereabouts are unknown.
In a case that has gripped the country, Mallya’s lawyers last week told the court that he was willing to pay 40 billion rupees ($600 million) by September 30.
But lawyers for the banks said Thursday that the offer was rejected after due consideration.
The court, meanwhile, asked the liquor baron to disclose his total assets, along with those of his wife and children. The request came after the banks said they wanted him to deposit a substantial amount of money with the court to prove his bona fide.