The Supreme Court of India has held Vijay Mallya guilty of contempt on a plea filed by consortium of banks. It has directed the embattled Indian tycoon to appear before it on July 10.
The contempt notice was issued against Mallya for transferring $40 million to his children in violation of the court order.
"We have found respondent number 3 (Mallya) guilty of contempt of court on two grounds," a bench comprising Justices A K Goel and U U Lalit said.
The apex court directed Mallya, who is presently in the United Kingdom, to appear before it on July 10 to argue on the quantum of punishment in the matter.
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The order came on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred USD 40 million which he had received from British firm Diageo, to his children in "flagrant violation" of various judicial orders.
Last month, Mallya, who has been declared a proclaimed offender, was arrested in London by Scotland Yard on India's request for his extradition on fraud charges. However, the flamboyant businessman, who once called himself 'The King of Good Times", was released on bail a few hours later.
The 61-year-old liquor baron, wanted in India for defaulting on loans, was arrested after he appeared at a central London police station.
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He appeared at Westminster Magistrates' Court in London and was seen walking out with his legal team a few hours later after being granted bail.
Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had fled India on March 2, 2016.
(With inputs from PTI)
