Supreme Court holds Vijay Mallya guilty of contempt, asks him to be present before it on July 10
A consortium of banks had accused the businessman of transferring USD 40 million to his children in violation of a court order.
The Supreme Court on Tuesday held businessman Vijay Mallya guilty of contempt of court, ANI reported. The apex court was responding to a plea by a consortium of banks that said Mallya had transferred USD 40 million to his children in violation of the court’s order.
Mallya had received this money from British firm Diageo, the State Bank of India-led consortium informed the court. “We have found Mallya guilty of contempt of court on two grounds,” a bench comprising Justices AK Goel and UU Lalit said and directed the industrialist to be present before it on July 10 to discuss the quantum of punishment. Mallya may face a jail term or fine or both if he does not turn up in court, according to NDTV.
The Kingfisher tycoon, who owes 17 banks in India more than Rs 9,000 crore, has been in the United Kingdom since March 2016 and had earlier said he would not return to the country. In November 2016, he was declared an absconder by a special Prevention of Money Laundering Act court. The same month, India had asked the UK to extradite the industrialist under the Mutual Legal Assistance Treaty for the loans he owes. On January 31, a special CBI court had issued a non-bailable warrant against him.
The Ministry of External Affairs again submitted an extradition request for Mallya on February 9. Mallya was then arrested by the Scotland Yard on April 18, but granted bail by a Westminster magistrate’s court within a few hours.