The verdict was delivered by Justices U U Lalit, A Ravindra Bhat, and PS Narasimha of the bench today. Vijay Mallya was sentenced to four months in prison by the Supreme Court of India.
For contempt of court, India’s Supreme Court on Monday handed out four-month prison sentences to Vijay Mallya and a fine of Rs 2,000.
If he does not comply with the court’s order, his assets will be seized. The supreme court found him guilty and ordered him to pay back USD 40 million plus interest within four weeks.
When the State Bank of India petitioned the Supreme Court on May 9, 2017, it claimed that Dr. Vijay Mallya had transferred $40 million to his children in a “flagrant breach” of many court orders, which prompted the Court to issue its ruling.
He was accused of concealing the truth and transferring the money to his children Siddharth Mallya and Leanna Mallya and Tanya Mallya, all in contravention of a court order from the Karnataka High Court.
Over 9000 crores of bank fraud and the defunct Kingfisher Airlines were the subject of 40 million dollars worth of content against the liquor baron.
The court determined that Mallya’s gift to his children of $40 million in proceeds from the sale of United Breweries property was illegal. It’s his responsibility to reimburse all cash sent by him to the loan recovery officer, plus an additional 8% in interest.
As an additional punishment for not paying the fine on time, his sentence will be increased by two months.
“He did not show remorse,” the court said.
The decision was made by Uday Umesh Lalit, A Ravindra Bhat, and PS Narasimha.