Vijay Mallya Sentenced To 4 Months Jail and Rs 2000 Fine
Indian Businessman Vijay Maliya who fled India in March 2016 under heavy debts from several public sector banks including the state bank of India, has now been sentenced to 4 months in jail by the sup
Indian businessman Vijay Mallya had taken bank loans of over Rs 9,000 crore for his Kingfisher Airlines from State Bank Of India (SBI) and several other banks. He had fled India to the United Kingdom (UK) in 2016 without repaying his loans. SBI had filed a case in the Supreme Court regarding the same. The Supreme court had ordered him to not transfer any of his money to anyone unless he paid back the banks.
United Spirits Limited (USL), is an Indian alcoholic beverages company which makes Mcdowell's whiskey and other beverages. Vijay Mallya’s United Breweries Group bought USL. Later British liquor major Diageo Plc too had bought the shares. However in 2016, Mallya received $40 million from British liquor major Diageo Plc after his resignation as Chairman of United Spirits Limited. The money Mallya received from Diageo was transferred to his three children and estranged wife.
The Supreme court had ordered him not to transfer any money to anyone. However he still transferred this money. This was contempt of court - not following court’s order. All this money should have been transferred by him and returned to the loan recovery with interest. So In 2017 the Supreme court found him guilty of contempt of court. Mallya had filed a plea seeking a review of the 2017 verdict. However, the court in August 2020 dismissed his plea seeking a review and directed him to appear before it. The matter has been in court since the last 5 years. Earlier on 10th March, the Supreme Court reserved its order after hearing the case due to Mallya's failure to appear in court. During contempt proceedings, Mallya had claimed that the money did not belong to him and had never come under his control. The Supreme Court in its verdict on 11th July 2022 rejected this argument. The court sentenced him to 4 months jail and imposed a fine of Rs. 2000/- as well. The Supreme Court further said that if the fine is not deposited on time, Mallya would face two more months in jail. The court also directed the Ministry of Home Affairs to expedite the process of bringing back Vijaya Mallya to India and also to file a report on the steps taken to bring back Mallya to India.
ISH News has released various news videos about Vijay Mallya. You can check out them on the links here.
