Once called the “King of Good Times” due to his extravagant lifestyle, Vijay Mallya today was charged with contempt of court and asked by the Supreme to appear before court on 10 July. Having found guilty of unpaid hefty loan of Rs 9000 crore and money laundering by transferring 40 million dollars to his children’s account, the Liquor baron may travel to India. Group of banks led by the SBI sought action against Mallya for giving away all money on the name of his children instead of repaying the loan.
The apex court had started proceeding against Vijay Mallya and had issued notice to him on March 8, 2016 on the plea by banks for recovery of about Rs 9,000 crore. However, he managed to left the country days before SC took up the case against him, but was arrested in London in April. He was granted bail within three hours and has been staying in London since an year.
“He has taken court for ride and we are taking action to bring him back. He has not made a honest disclosure regarding $40 million. We don’t know how to get back the money but majesty of court is very important and he must abide by court’s order, ” Attorney General Mukul Rohatgi had said.
The quantum of punishment will be decided after hearing him.