The Supreme Court has handed down a four-month sentence to former Kingfisher Airlines promoter and business tycoon Vijay Mallya on Monday to four months in jail for refusing to disclose his assets,
Mr. Mallya was found guilty of contempt for violating court orders, by failing to disclose and allegedly transferring $40 million to his family.
The 66-year-old liquor baron is a defendant in a 9000 crore-bank loan default case involving the now-defunct Kingfisher Airlines.
Mr. Mallya, ex-Chairman of the UB Group, with interests ranging from aviation to liquor, currently resides in the UK and is contesting India’s extradition efforts in the UK courts.
Mr. Mallya is currently pursuing appeals in the United Kingdom in an attempt to overturn a bankruptcy order imposed on him by the High Court of Justice in London in July last year, which is to be heard in a series of interconnected hearings.
The apex court of India held Mr. Mallya in contempt over his repeated ‘non-appearance’ despite many summons to appear.
The SC has said if the fine is not deposited in time, Mallya would face two more months of imprisonment.
Solicitor General Tushar Mehta had told the Supreme Court in February that banks had recovered a total of INR 18,000 crores from Mr. Mallya, as well as Mr. Nirav Modi and Mr. Mehul Choksi in a separate case.
The court has also set a four-week deadline for Mallya and his family to deposit $40 million with interest, or face further legal action.
‘Adequate punishment is a must. Mallya didn’t show any remorse,’ the SC bench observed, passing the order.
Mr. Mallya’s lawyers could not immediately be reached for comment.
With agency inputs
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