The Supreme Court on Tuesday found Business tycoon Vijay Mallya guilty of contempt of court and asked that he show up before it on July 10 to contend on the quantum of punishment in the matter.
The apex court was hearing a plea documented by a consortium of banks against Mr. Mallya for contempt of court procedures in a credit default case. Mr. Mallya, who is right now living in the United Kingdom, is confronting instances of bank credit default to the tune of ₹9,000 crore by his now-old Kingfisher Airlines.
“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.
Mr. Mallya had recieved a deposit of $40 million from offshore firm Diageo in February a year ago. Disregarding the court’s order, Mr. Mallya had allegedly transferred the cash to his kids as opposed to reimbursing the credits.
Tirhut Chronicle 