The Supreme Court on Tuesday (May 9) held liquor baron Vijay Mallya guilty for contempt for misleading it on his wealth. Justices AK Goel and UU Lalit held him guilty on two grounds and would decide the quantum of punishment for him on July 10 when Mallya has been ordered to appear in the Supreme Court.
Mallya, who can face imprisonment or fine or both for not appearing in the court, is facing contempt petition by certain group of banks that have been trying to recover Rs 9000 crores that was given to his now defunct Kingfisher Airlines. These banks have accused Mallya of transferring around 40 million dollars to his children’s accounts, which could have been otherwise used to clear the debt he owes.
Mallya, who was arrested in London last month and was granted bail within three hours, has been accused of money laundering. The Central Bureau of Investigation (CBI) has charged the liquor baron of cheating and conspiracy and also for defaulting on a 9000 crores loan taken from the IDBI bank in 2009.