Supreme Court finds Vijay Mallya guilty

The Supreme Court found troubled Vijay Mallya, who lives in the UK, guilty of contempt.
A trust of banks had petitioned the court against the 61-year-old Mallya who owes them more than Rs 9,000 crore and is wanted in India for loan default and money laundering.

The court had decided on the quantum of punishment after hearing him. The banks moved the top court after the glamorous businessman, who called himself ‘king of good times’, got $40 million from the British firm Diageo Plc. in February 2016 and transferred the money to his children instead of repaying the loan.

The transfer violated orders passed by the debt recovery tribunal and the Karnataka high court, attorney general Mukul Rohtagi told the court.

The money is owed by his now-defunct Kingfisher Airlines that was grounded in 2012.
After three auctions, the banks sold his Kingfisher villa in Goa to actor and beer baron Sachin Joshi for Rs 73.01 crore.


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