Resuming after a 50-day summer ruin, the Supreme Court on Monday imposed four months imprisonment on fugitive businessman Vijay Mallya for contempt of court docket. A fine of Rs 2,000 became as soon as also imposed on him.
The apex court docket directed him to deposit 40 million USD with interest within four weeks and asked the authorities to bag attachment complaints in case of his default.
He became as soon as came across responsible of violating court docket orders. The court docket said, “The transaction, where Mallya transferred 40 million USD from the sale of the United Breweries property to his children, became as soon as void. All money transferred by him is to be returned to the mortgage restoration officer with 8 per cent interest.”
The SC extra said that if the fine is now not deposited on time, Mallya would face two extra months of imprisonment.
“He did now not mark any remorse,” the court docket seen while passing its dispute. The choice became as soon as handed by a bench of Justices UU Lalit, S Ravindra Bhat and PS Narasimha.
BANK LOAN DEFAULT CASE
The liquor baron is accused in a financial institution mortgage default case of over Rs 9,000 crore absorbing his Kingfisher Airlines.
A plea became as soon as filed by a consortium of banks led by the Issue Monetary institution of India (SBI) earlier than the Supreme Court looking for contempt motion in opposition to Mallya, alleging that he had transferred USD 40 million to his children, thereby violating court docket orders.
The apex court docket thereafter came across him responsible of contempt in 2017. The court docket had, in August 2020, also disregarded his plea looking for a review of the 2017 verdict and directed him to appear earlier than it.
Earlier on March 10, the Supreme Court reserved its dispute after listening to the case in absentia attributable to Mallya’s failure to appear in court docket.
He’s currently within the United Kingdom.
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