SC to pronounce verdict on Vijay Mallya’s review plea on transfer of $40 million to his children
The Supreme Court on Saturday said that on August 31 it would pronounce its verdict on the petition filed by businessman Vijay Mallya, who has sought review of its May 2017 order holding him guilty of contempt of court for transferring $40 million to his children.
A bench of Justice UU Lalit and Justice Ashok Bhushan on August 27, through video-conferencing, had reserved the order after hearing both the parties in the case.The bench had said that there were two allegations against Vijay Mallya, failure to disclose his assests and siphoning off money.
The apex court had in June directed its registry to explain as to why Mallya’s review petition had not been listed before the concerned court for the last three years. It had directed the registry to furnish all the details including names of officials who had dealt with the file concerning the review petition in the last three years.
Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines and is presently in the United Kingdom.
The Supreme Court’s May 9, 2017 order had come on a plea by consortium of banks led by the State Bank of India (SBI), which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in “flagrant violation” of various judicial orders.