Mallya is accused in a bank loan default case estimated at over Rs 9,000 crore involving his now-defunct Kingfisher Airlines
Vijay Mallya. File Pic
Former Kingfisher Airlines boss Vijay Mallya, who is based in Britain for over five years, expressed his disappointment at the Supreme Court verdict sentencing him to four months in a contempt case. The 66-year-old UK-based businessman did not comment further on the verdict handed down by a top court bench headed by Justice UU Lalit earlier on Monday. "I have no comment on the Indian Supreme Court verdict except to say that I am naturally disappointed," Mallya told PTI.
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The UB Group chair is accused in a bank loan default case estimated at over Rs 9,000 crore involving his now-defunct Kingfisher Airlines. The Supreme Court had on March 10 reserved its order in the matter, observing that proceedings against Mallya have hit a "dead wall". Back in 2020, the apex court had dismissed Mallya's plea seeking a review of a 2017 verdict which held him guilty of contempt for transferring USD 40 million (one million = ten lakh) to his children in violation of court orders. Mallya has been living in the United Kingdom since March 2016. He was arrested on an extradition warrant executed by the Scotland Yard on April 18, 2017.
He remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the extradition proceedings. Last month, in unrelated proceedings, his lawyers argued in the UK High Court that the Indian banks, led by State Bank of India (SBI), have been pursuing the same debt against him both in India and the UK as he pursues appeals in an attempt to overturn a bankruptcy order.
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