SC reserves order on Vijay Mallya’s plea seeking review of 2017 order in contempt case

By: |
August 27, 2020 12:31 PM

A bench comprising justices U U Lalit and Ashok Bhushan reserved its order after hearing arguments in the case.

Supreme Court, Vijay Mallya, Kingfisher Airlines, united kingdom, Siddharth Mallya, latest news on vijay mallyaMallya, who is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, is presently in the United Kingdom.

The Supreme Court on Thursday reserved its verdict on a plea filed by businessman Vijay Mallya, who has sought review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children.

A bench comprising justices U U Lalit and Ashok Bhushan reserved its order after hearing arguments in the case.

The apex court had in June directed its registry to explain as to why Mallya’s review petition had not been listed before the court concerned for the last three years.

It had directed the registry to furnish all details including names of officials who had dealt with the file concerning the review petition in the last three years.

The fugitive businessman had filed the petition seeking review of the apex court’s May 9, 2017 order by which he was held guilty of contempt of court for transferring USD 40 million to his children in violation of the order.

Mallya, who is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, is presently in the United Kingdom.

The apex court’s 2017 order had come on a plea by consortium of banks led by the State Bank of India (SBI), which had said that Mallya had allegedly transferred USD 40 million received from British firm Diageo, to his children in “flagrant violation” of various judicial orders.

It was dealing with pleas of lending banks seeking contempt action and a direction to Mallya to deposit USD 40 million received from offshore firm Diageo respectively with the banks.

The banks had then alleged that Mallya concealed the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in “flagrant violation” of the orders passed by the Karnataka High Court.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Farm Bills: Why is Punjab leading the stir?
2Sinergia Labs part of a global project on low-cost ventilators
3India lodges protest with Pakistan over abduction of Sikh girl