The Supreme Court today pronounced the sentence in the contempt case against fugitive businessman Vijay Mallya, accused of bank loan fraud of more than Rs 9000 crore in 2017 contempt case. Now Mallya will have to spend four months in prison.
The Supreme Court on Monday sentenced the fugitive businessman Vijay Mallya in the contempt case. Under this, Mallya will have to pay a jail term of four months and a fine of Rs 2000. Along with this, the court has also ordered Mallya to deposit an amount of $ 4 crore (40 million) with interest within four weeks. The matter was heard by a bench of Justices UU Lalit, Ravindra S Bhat and PS Narasimha. On March 10, the court had reserved its order on this matter. The court had said during the hearing that there can be no progress in the trial against Mallya.
Mallya’s review petition was dismissed
The court had dismissed the revision petition filed by Mallya in 2020 for reconsideration of the 2017 verdict. Mallya’s lawyer had said on March 10 that since no instructions could be received from his UK-based client, he was paralyzed and unable to stand his (Mallya’s) side regarding the period of sentence to be awarded in the contempt case. Huh.
In May 2017, a case of contempt was filed against Mallya.
On 9 May 2017, the Supreme Court found Vijay Mallya guilty of contempt of court order. Fugitive businessman Vijay Mallya is accused of transferring $40 million to his children in 2017 in contempt of court. While hearing the petition of State Bank of India, the Supreme Court had stayed the fund transfer. A three-judge bench of the Supreme Court hearing the contempt case had reserved its decision on March 10. Senior advocate Jaideep Gupta, assisting the bench in the matter, had said that Mallya was convicted in two cases.
- Alleged involvement in Rs 9,000 crore bank loan scam involving Kingfisher airline
- $ 40 million received from Diageo deal was transferred to children’s account
- Mallya was found guilty of not disclosing assets
- had violated the express restraint orders passed by the Karnataka High Court
Last year, the Supreme Court had said that Mallya could not wait to be extradited from the UK to India.
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