SC finds Vijay Mallya guilty of contempt

Tuesday, May 9th, 2017, 7:08 am

The Supreme Court on Tuesday found businessman Vijay Mallya guilty of contempt of court and asked him to appear before it on July 10 to argue on the quantum of punishment in the matter.

The apex court was hearing a plea filed by a consortium of banks against Mr. Mallya for contempt of court proceedings in a loan default case. Mr. Mallya, who is currently living in the United Kingdom, is facing cases of bank loan default to the tune of ₹9,000 crore by his now-defunct Kingfisher Airlines.

“We have found respondent number 3 (Mallya) guilty of contempt of court on two grounds,” a Bench comprising Justices A.K. Goel and U.U. Lalit said.

Mr. Mallya had received a deposit of $40 million from offshore firm Diageo in February last year. In violation of the court’s order, Mr. Mallya had allegedly transferred the money to his children instead of repaying the loans.