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Every penny will be recovered from Vijay Mallya : Arun Jaitley

by IBNS 17 Mar 2016, 09:29 am

New Delhi, Mar 17 (IBNS) As a Mumbai house of Vijay Mallya went for e-auction as part of the drive to recover the huge amount of money from him, Finance Minister Arun Jaitley on Thursday said the banks will recover every penny of loan given to the liquor baron.

Speaking to reporters on the sidelines of a programme, Jaitley also asserted that investigative agencies will take strong action against Mallya  wherever he is found to have violated the law.

Mallya, promoter of the grounded Kingfisher Airlines, had left India on March 2, presumably for London, days before Supreme Court heard a plea of clutch of state-owned banks seeking recovery of over Rs 9,000 crore from his group firms.

 Jaitley said, the real source of worry was the cases involving "misconduct" on the part of individuals.

"...Large amounts of loans have been given in individual cases and some of the people misconducted themselves, there may not be adequate sureties and that's a source of worry... this is the one, which is real cause of worry because there are moral and ethical issues without legal liability," he said.

"The kind of example (Mallya case)... has brought a huge bad name to both to India's banking as also to India's private sector. It's dangerous for the future if (we) are not able to remedy this," the Finance Minister said.