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The Supreme Court on Monday sentenced Vijay Mallya to four months in jail in a contempt of court case.
The Supreme Court has also imposed a fine of Rs.2000 on Vijay Mallya. (file image)
After a 50-day summer vacation, the Supreme Court on Monday sentenced fugitive businessman Vijay Mallya to four months in jail in a contempt of court case. He was also fined Rs.2,000.
The Supreme Court directed him to deposit US$ 40 million with interest within four weeks.
“The transaction in which Mallya transferred USD 40 million to his children by selling United Breweries assets is void. All the money transferred by him will be returned to the Debt Recovery Officer with 8 per cent interest,” the court said.
Bank loan default case
The liquor baron has been accused in a bank loan default case involving his Kingfisher Airlines worth over Rs 9,000 crore.
A consortium of banks led by State Bank of India (SBI) filed a contempt petition in the Supreme Court, alleging that Mallya had transferred US$40 million to his children, thereby violating court orders.
The Supreme Court subsequently found him guilty of contempt in 2017. In August 2020, the court rejected his petition seeking review of the 2017 verdict and ordered him to appear before it.
Earlier on March 10, the Supreme Court deferred its order after hearing the case in absentia as Mallya did not appear in court.
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