Supreme Court to pronounce verdict on fugitive Vijay Mallya on July 11, know what is the matter
The Supreme Court will give its verdict on July 11 regarding the contempt case against fugitive Vijay Mallya. In 2017, the Supreme Court had accused Mallya of violating the court’s order.
The Supreme Court will pronounce its verdict on July 11 on the punishment of fugitive businessman Vijay Mallya in the contempt case. A three-judge bench headed by Justice U U Lalit will pronounce the verdict. In 2017, the Supreme Court had convicted Mallya of contempt of court for withholding information that he had transferred USD 40 million to his children, in violation of a court order.
Case registered in contempt case
He was ordered to return more than Rs 6,200 crore owed to several banks and sued for contempt for failing to disclose a $40 million payment from British spirits maker Diageo. Earlier, while giving the last chance to Vijay Mallya, the court had said that further decision on the issue of punishment would be taken in Mallya’s absence.
This is the charge on Vijay Mallya
Solicitor General Tushar Mehta told the Supreme Court in February that banks had recovered a total of Rs 18,000 crore from fugitives Vijay Mallya, Nirav Modi and Mehul Choksi. The 66-year-old liquor baron is an accused in a bank loan case involving Kingfisher Airlines, which is worth over Rs 9,000 crore.
Indian banks filed a case
According to a PTI report, Vijay Mallya has been booked by a consortium of Indian banks led by the State Bank of India over the repayment of a loan of 1.05 billion Great Britain pounds on Mallya-owned Kingfisher Airlines. A UK court has declared bankruptcy regarding Mallya’s ongoing cases. To reverse this, Mallya has appealed in a London court.
