Return $40 mn Sent To Family With 8% Interest In 4 Weeks: SC To Mallya In 2017 Case
Mumbai: The Supreme Court on Monday sentenced fugitive businessman Vijay Mallya to four months in jail for a 2017 contempt of court case. Mallya was convicted of contempt in 2017 for transferring $40 million to his children in violation of court orders.
The Supreme Court also ordered the refund of USD 40 million transferred to Mallya’s family members in violation of court orders.
On March 10, a Supreme Court bench of Justices UU Lalit, S Ravindra Bhat and PS Narasimha had reserved its order in the matter, saying the proceedings against the liquor baron had hit a “dead wall”.
After hearing senior advocate and amicus curiae Jaideep Gupta on various aspects, the apex court had also decided to allow the council, who was earlier representing Mallya, if any, to file written submissions by March 15.
Mallya’s counsel had told the bench on March 10 that he is disabled in the absence of any direction from his client, who is in the United Kingdom and would not be able to argue the quantum of punishment to be awarded in the contempt case.
The Supreme Court had said that it has given several opportunities to Mallya to appear in person or through a lawyer and had also given special directions on November 30 last year. A consortium of banks led by State Bank of India had moved the apex court alleging that Mallya was not complying with the court’s orders on repayment of loans worth over Rs 9,000 crore.
It was alleged that he was not disclosing the assets and furthermore, was transferring them to his children in contravention of restraining orders.
Mallya was convicted of contempt in 2017 and then the case was listed for hearing on his proposed sentence.
The top court had 2020 dismissed Mallya’s plea seeking review of the 2017 verdict which held him guilty of contempt for transferring USD 40 million to his children in violation of court orders.
Mallya has been in the UK since March 2016. He is on bail on an extradition warrant executed by Scotland Yard on April 18, 2017.
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