India: SC holds fugitive businessman Vijay Mallya guilty of contempt, sentences him

Fugitive business tycoon Vijay Mallya, who lives in UK, has been given a four-month prison sentence by the Indian Supreme Court on Monday for failing to disclose his assets after defaulting on a loan for 90 billion rupees ($1.13 billion) following the demise of his defunct Kingfisher Airlines.He was fined 2,000 INR by the court after it declared him in contempt of court for disobeying its directives.The bench stated that in order to "uphold the majesty of law," an appropriate sentence must be given to him.He has shown "no remorse" for his actions, said thebench of Justices UU Lalit, Ravindra S. Bhat, and PS Narasimha, and he did not show up for the sentencing hearing.

Mallya allegedly moved $40 million to members of his family, even though the bank loan is still due.

The court has also given Mallya and his family four weeks to deposit $40 million and the 8 per cent interest; if they fail to do so, attachment proceedings will be started against his properties.

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The industrialist, whose interests include everything from alcohol to aircraft, is currently in Britain, but India is attempting to extradite him. Despite receiving multiple summonses, Mallya has neglected to show up in court.

In 2017, the Supreme Court found Mallya in contempt of court for hiding information from the court about sending USD 40 million to his children in violation of the court's order. The court has summoned him on several instances.

He was also found guilty of contempt of court, in a lawsuit brought by a group of banks led by the State Bank of India. When the contempt case was being heard, the top court made note that Mallya acted like "a free person" in the UK and that no information has been provided about the proceedings against Mallya there.

Mallya has previously claimed that the lawsuit against him is politically driven and has denied all wrongdoing.

(With inputs from agencies)

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