The Supreme Court on Monday sentenced fugitive liquor baron Vijay Mallya to four months' jail and a fine of Rs 2000 for contempt. "The punishment is necessary as Mallya has no remorse," the bench said. Failure to pay the fine will result in an additional punishment of two months.
Mallya has also been asked to return $ 40 million (about Rs 317 crore) with 8% interest within 4 weeks. Mallya transferred this amount to the foreign account of his children. Failure to do so will result in attachment of his property. In the Supreme Court, a 3-judge bench comprising Justice U U Lalit, Justice S Ravindra Bhatt and Justice Sudhanshu Dhulia gave this decision.
Mallya gave wrong information about money
Mallya has not only given wrong information to the court regarding the transfer of money to foreign accounts, but has also extended the contempt further by not appearing in the court for the last 5 years. On May 9, 2017, the Supreme Court held Mallya guilty of contempt and initiated proceedings against him. The court had on March 10 reserved its verdict on Mallya's sentence.
He has been found guilty of contempt for transferring $40 million to the accounts of his son Siddharth Mallya and daughters Leena Mallya and Tanya Mallya and for not giving accurate details of assets.
Mallya did not pay Rs 9,000 crore
A consortium of banks led by State Bank of India had moved the Supreme Court alleging that Mallya was not complying with court orders on repayment of loans worth over Rs 9,000 crore. Mallya has been in the UK since March 2016. He is out on bail now.
13 banks including SBI had filed a petition
13 banks led by SBI had filed a petition against Mallya in a London court. These include Bank of Baroda, Corporation Bank, Federal Bank Ltd., IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction. Company Private Limited as well as an additional creditor were the main petitioners in this case.
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