Vijay Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his now defunct Kingfisher Airlines. He fled to the United Kingdom in 2016.
The Supreme Court will pronounce its verdict on a review plea filed by fugitive businessman Vijay Mallya in a 2017 contempt case. Mallya had moved a review petition in the top court seeking review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children in violation of the court’s order.
The court had directed Mallya to appear before it to argue on the quantum of punishment in the matter. But Mallya didn’t appear before the court as he is presently in the United Kingdom.
The verdict will be delivered by a bench comprising justices UU Lalit and Ashok Bhushan. The bench had reserved its order last week after hearing arguments in the case.
The court’s order in 2017 had come on a plea by a consortium of banks led by the State Bank of India. The plea had alleged that Mallya transferred USD 40 million received from British firm Diageo, to his children in flagrant violation of various judicial orders.
The banks argued that Mallya concealed the facts and diverted the money to his son Siddharth and daughters Leanna and Tanya and thus violated the orders passed by the Karnataka High Court. The High Court had specifically ordered Mallya not to transfer or alienate any movable and immovable assets to any person.
Earlier in June, the SC had directed its registry to explain as to why Vijay 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.
Vijay Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his now defunct Kingfisher Airlines. Mallya, a former Rajya Sabha MP, fled to the United Kingdom in 2016 to escape legal actions against him. Mallya has since then repeatedly publicly offered to make good on his debts.
Mallya has repeatedly told the Supreme Court that he has offered a comprehensive settlement package to the banks to settle the matter.