The Supreme Court has said that the transaction of $ 40 million by Vijay Mallya to his children is invalid and ineffective. The Supreme Court in 2017 sentenced fugitive liquor baron Vijay Mallya to a fine of Rs 2,000 and jail term for four months in a contempt case. In 2017 Mallya transferred $40 million to his children in violation of court orders.
A consortium of banks led by State Bank of India had sought contempt action in the petition. Vijay Mallya is an accused in the case of non-payment of bank loans of more than nine thousand crore rupees. This includes Mallya’s now defunct Kingfisher Airlines.
Along with this, the Supreme Court has ordered India’s fugitive liquor businessman Vijay Mallya to return $ 40 million including interest within 4 weeks. If Mallya does not return the $40 million within four weeks, the amount should be recovered by confiscating his assets.
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