Indian tycoon Vijay Mallya guilty of disobeying top court

Indian tycoon Vijay Mallya guilty of disobeying top court

The contempt petition was moved against him by a group of banks that have been trying to recover around 9,000 crores in unpaid loans to his failed Kingfisher Airlines.

On April 18, 2017, Mallya was arrested briefly by the Scotland Yard in London on allegations of fraud.

Mallya is accused of duping banks of more than Rs 9,000 crore which he had borrowed for his now-defunct airline Kingfisher, but is accused of having diverted these funds towards his personal expenses.

Furthermore, he said, compliance with the norms of the apex court would give him a fair trial.

The business tycoon could face a six-month jail term or a fine or both if he does not show up in the Supreme Court.

Attorney General Mukul Rohatgi, also appearing for the consortium, had contended that unless Mallya deposits United States dollars 40 million before this court, he does not deserve to be heard and, moreover, he needed to appear personally as the contempt notice has already been issued.

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The consortium of banks also alleged that Mallya was not cooperating in the investigation of cases against him and was averse to disclosing his foreign assets. Today Supreme Court's order was pertaining to Vijay Mallya's revelation of properties in the court. Attorney General Mukul Rohatgi, appearing for the banks, had pleaded the court to take strong action against Mallya for taking judicial proceedings "for a ride" by making false disclosure.

In such a scenario, as and when Mallya does return to the country, he will be arrested the moment he steps foot on Indian soil.

The order against Mallya came a day after the court held that loan defaulters deserved to be dealt with an iron hand and it can serve to reinforce the message.

The court on April 7 a year ago had directed Mallya to disclose by April 21 the total assets owned by him and his family in India and overseas while seeking an indication from him when he would appear before it.

Mallya's counsel had also said the money which came from Diageo belonged to his children and not him.

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