Mallya committee hearing delayed

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By admin July 1, 2014 17:02

Mallya committee hearing delayed

Vijay Mallya, chairman of Kingfisher Airlines, has been granted more time before appearing in front of a committee constituted by United Bank of India to examine if Mallya wilfully defaulted on the lender.

in May, the Kolkata-based government bank slapped a “wilful defaulter” notice on Mallya’s grounded Kingfisher Airlines and its board members. If a bank serves such a notice to a borrower, it has to constitute a committee to hear the defence. Mallya will now appear on July 9th.

According to Reserve Bank of India (RBI) guidelines, banks can categorise defaulters as “wilful”, if a borrower has not paid back when it has the capacity to do so.

admin
By admin July 1, 2014 17:02
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