” The transaction, where Vijay Mallya transferred 40 million USD from the sale of the United Breweries property to his children, was void. “
New Delhi: Resuming after 50-day summer vacation, the Supreme Court on Monday imposed four months imprisonment on fugitive businessman Vijay Mallya for contempt of court. A fine of Rs 2,000 was also levied on him.
The top court ordered him to deposit 40 million USD with interest within four weeks and asked the authorities to take attachment proceedings in case of his default.
” The transaction, where Vijay Mallya transferred 40 million USD from the sale of the United Breweries property to his children, was void. All money transferred by him is to be returned to the loan recovery officer with 8 percent interest.”The Apex court said.
The former UB owner is accused in a bank loan default case of over Rs 9,000 crore involving his Kingfisher Airlines.
A plea was filed by a consortium of banks led by the State Bank of India (SBI) before the Supreme Court seeking contempt action against Mallya, alleging that he had transferred USD 40 million to his children, thereby violating court orders.
The SC thereafter found him guilty of contempt in 2017. The court had, in August 2020, also dismissed his plea seeking a review of the 2017 verdict and ordered him to appear before it.
Earlier on March 10, the apex court reserved its order after hearing the case in absentia due to Mr. Mallya’s failure to appear before the court.
Mr. Mallya has been in the United Kingdom since March 2016. He is on bail on an extradition warrant executed by Scotland Yard on April 18, 2017.
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