Moreover, the fact that$ 40 million was received by Mallya from a United Kingdom-based company Diageo PLC was not disclosed before the court here, Attorney General Mukul Rohatgi, appearing for the banks, alleged.
Taking note of the allegation, the bench asked the counsel for Mallya to respond to the AG's query whether "he truthfully disclosed his assets or not".
It also wanted to know as to whether by transferring USD 40 million to his children, he violated the Karnataka High Court order in this regard or not.
The Karnataka High Court had restrained Mallya from transferring or alienating any movable and immovable assets to any third party.
The bench would resume hearing at 2 PM.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.