Former Kingfisher boss owes over Rs 9000 crore to the Banks.
In a setback for the absconding tycoon, Vijay Mallya, Supreme Court has held him guilty of contempt of the court for transferring USD 40 million to his children.
Apex Court ordered Mallya to appear before it on July 10 to argue on quantum of punishment in the matter.
Apex Court Bench comprising of Justice AK Goel and Justice U U Lalit expounded that, “We have found respondent number 3 (Mallya) guilty of contempt of the court on two grounds”.
Supreme Court passed orders after a consortium of the banks led by State Bank of India had moved the contempt petition against Mallya.
Former Kingfisher boss owes over Rs 9000 crore to Banks.
In a parallel case, Mallya was earlier arrested and then released on bail after the law enforcement authorities sought his extradition from United Kingdom.
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