Mallya seeks 1-month extension to appear before SFIO: Sources

Vijay Mallya has requested for a month’s extension to appear before Serious Fraud investigation Office (SFIO), sources say. SFIO, as a part of its probe into possible fund diversions, had summoned Mallya and top executives of the UB Group. Sources tell CNBC-TV18 that the SFIO and Central Bureau of Investigation’s (CBI) probe is stuck due to lack of cooperation from UB Group companies and lenders. The Group’s companies including United Breweries, United Breweries Holdings and Mangalore Chemical Fertlisers haven’t submitted their books of account to SFIO yet. CNBC-TV18’s Navin Shetty, quoting sources, says that the investigating agency is still waiting for documents from United Spirits and Diageo concerning Mallya’s pay-out deal. So far, only IDBI Bank has submitted details of transactions with Kingfisher Airlines to CBI, sources say, adding that rest 16 lenders are yet to submit the required paperwork. Watch video for more.