Business tycoon Vijay Mallya is getting the treatment for his own deeds these days. On Tuesday, the Supreme Court announced him guilty fot disdaining court’s orders and have asked to appear before July 10. The court has passed the orders for the cluster of banks passed the petition against the Vijay Mallya. The kingfisher con artist owes a huge amount of Rs. 9000 crore to the banks. The Vijay Mallya has even transferred $40 million to his children’s accounts which he received from Diageo. The banks claim that, he should have paid the debt from that money.
Mallya was quiet about the money; he received from the British company Diageo. During the March first week, the banks mentioned to the court that Vijay Mallya did not disclose anything about the money received from the settlement. In the month of April, the court made the order to disclose the assets owned by Vijay Mallya. He was asked to submit the details with clarity as the earlier details were considered as “vague”.
AK Goel and UU Lalit bench mentioned that, “We have found respondent number 3 (Mallya) guilty of contempt of court on two grounds”.
Vijay Mallya had fled from the India previous year and now it has been confirmed that he owns Rs. 9000 crore to the Indian banks.
For heavy money laundering cases and loan, he is wanted in India. He is also going under extradition preceedings in UK. Vijay Mallya has been in news for quite a long time and for all the wrong reasons.
On April 18th, Mallya was locked in by the Scotland Yard for some grave allegations of frauds during his stay in London. Vijay Mallya was released after giving the bail amount of 650,000m and assurance that he will be abide by all the extradition conducts.
His dysfunctonal Kingfisher airlines is in dearth of Rs. 9000 crore to many number of banks in the country. In fact, during January month of this year, the banks received the ultimatum from the court to initiate the loan recovery process.
