Vijay Mallya Held Guilty of Contempt of Court, Summoned on 10 July

Mangalore Today News Network

May 09, 2017: The Supreme Court on Tuesday found Vijay Mallya guilty of contempt of court

   
He has been summoned to court on 10 July
   
The court heard a plea by a consortium of banks whom the liquor baron owes close to Rs 9,000 crore
   
Mallya left India in March 2016 for London, setting in motion proceedings to extradite him
   
He was arrested and given bail in London in April 2017

The Supreme Court on Tuesday held Vijay Mallya guilty of contempt of court for transferring $40 million to his children in violation of the court’s order.

“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.

The apex court directed Mallya, who is presently in the United Kingdom, to appear before it on 10 July to argue on the quantum of punishment in the matter.

The Supreme Court on Tuesday is likely to decide whether contempt of court proceedings will be initiated against liquor baron Vijay Mallya.

It will hear a plea by a consortium of banks led by SBI, which had said that the ‘King of good times’ had allegedly transferred $40 million which he had received from British firm Diageo, to his children in “flagrant violation” of various judicial orders.

Mallya allegedly owes the banks close to Rs 9,000 crore.

In 2016, a consortium of 17 banks moved the Debt Recovery Tribunal to hear a July 2013 petition to recover dues of Rs 9,081 crore, including interest, that was loaned to Mallya’s now defunct Kingfisher Airlines.
   
Mallya left India on 2 March 2016 for London.
   
Mallya offered to negotiate with the banks for a one-time settlement of dues and sought the Supreme Court’s intervention.
   
Banks had previously shot down Mallya’s offer of Rs 6,868 crore in April 2016 to settle the dues.
   
A formal extradition request by the MEA in respect to Mallya was handed over to the British High Commission vide our note verbale dated 8 February 2017.
   
The UK Home Office, London, vide their note verbale dated 21 February 2017 conveyed that the request has been certified by the Secretary of State and sent to Westminster Magistrates’ Court
   
Delhi Court issued a non-bailable warrant against Mallya on 12 April 2017.
   
Setting in motion the process of extradition, the British government certified India’s request and sent it to a district judge for further action in March 2017.
   
Mallya was arrested and given bail in London in April 2017.

 

Courtesy: Yahoo..com