Business Other News 11 Mar 2016 Banks deny delay in ...

Banks deny delay in acting against Mallya

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Mar 11, 2016, 1:57 am IST
Updated Mar 11, 2016, 1:57 am IST
State Bank of India, the leader of Kingfisher’s lenders.
 State Bank of India, the leader of Kingfisher’s lenders.

Hyderabad: State Bank of India, the leader of Kingfisher’s lenders, said that it had moved “very promptly on taking the appropriate legal steps required to protect banks’ interest and public money”. It denied accusations in media that laxity on the part of the banks had helped Mr Mallya to leave the country.

The bank said it moved DRT on the day settlement between Diageo, USL and Mr Mallya was reported as lawyers advised that it will not be possible to directly approach the Supreme Court for seeking relief. As the hearing at DRT got delayed because of holidays, the bank said it moved the Karnataka High Court. With no relief at HC, it said the banks moved the Supreme Court.

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