Vijay Mallya was found guilty of contempt for transferring his children $40 million against court instructions.
He was prosecuted for contempt for failing to report a payment of $40 million from British distilled spirits producer Diageo, for which he was ordered to repay over 6,200 crores in debt to many banks.
The punishment for fugitive liquor tycoon Vijay Mallya in a 2017 contempt case will be announced by the Supreme Court on Monday.
The banks had obtained $18,000 crores in total from wanted men Vijay Mallya, Nirav Modi, and Mehul Choksi, according to Solicitor General Tushar Mehta’s testimony to the Supreme Court in February.
In a bank loan default action involving the now-defunct Kingfisher Airlines, which is valued more than 9,000 crores, the 66-year-old booze tycoon is one of the accused. Mallya at present is in UK.
Mallya is presently pursuing appeals in the UK in an effort to reverse a bankruptcy decision that the high court in London placed upon him in July of last year, according to PTI.
