Liquor baron Vijay Mallya contested in Supreme Court the consortium of banks that wants the court to prosecute him for contempt of judicial orders.
Mallya, who owes a staggering Rs 9,000 crore to the banks, said he was made a “poster boy for defaulting loans” and denied rights, which even the most dreaded criminals get to avail under the law.
His counsel, senior advocate CS Vaidyanathan, argued it was “unique” for the top court to entertain the banks’ contempt application in which they have asked for Mallya’s prosecution for violating the Karnataka high court order.
In 2013, the high court had restrained Mallya from transferring his properties while his dispute with banks and creditors was pending. However, the industrialist, who reportedly fled to UK last year, transferred 40 million USD (approximately Rs 250 crore) to his wife and three children under the Diageo deal.
The banks, which want Mallya to deposit the amount with financial institutions in India, accused him of breaching the court order. The Supreme Court also issued notice to him.
After a day-long hearing n Thursday, the Supreme Court bench reserved its orders on the businessman’s plea to recall the contempt and the banks’ request to direct him bring the Diageo money to India.