Fugitive businessman Vijay Mallya, who was the former boss of Kingfisher, has expressed disappointment over Supreme Court’s verdict that has sentenced him guilty in contempt case.
The apex court announced Mallya guilty of contempt of court in 2017. He was sentenced to four months of imprisonment and fined Rs 2,000.
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The ruling bench presided by Justic U U Lalit said that the transactions by which the businessman transferred (US) $40 million to his children were ‘void and inoperative’. The Justice further said that Mallya “shall be bound to deposit the amount received by such beneficiaries along with interest at the rate of 8 per cent per annum with the concerned Recovery Officer within four weeks”.
The bench, including Justices S Ravindra Bhat and P S Narasimha added that if the amounts are not deposited, the concerned Recovery Officer will be entitled to take appropriate action.
According to the court, the contemnor didn’t show any remorse nor tendered any apology for his conduct.
“We impose sentence of four months and fine in the sum of Rs 2,000…which shall be deposited in the Registry of this court within four weeks…the amount shall be made over to the Supreme Court Legal Services Committee. In case the amount of fine is not deposited within the time stipulated, the contemnor shall undergo further sentence of two months”, the top court added.
Mallya was held guilty of contempt on two counts on May 9, 2017. He was accused of disobeying its order to fully disclose his assets and for violating a Karnataka High Court order restraining him from alienating his assets.
The court later found that he didn’t disclose the receipt of (US) $40 million which was transferred to his children – son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya.
The 2017 order came after a plea by a consortium of banks led by public lender State Bank of India, which is pursuing a case against the businessman for not paying loans worth thousands of crores of rupees.
