This is Vijay Mallya. You all are aware that he had taken loans from SBI and several other banks
of over Rs 9,000 crore for his Kingfisher Airlines.
The company went in a loss and Mallya defrauded on his bank loan and fled to UK.
In 2016, furious SBI filed a case in the Supreme Court regarding the same.
The Supreme court had ordered Mallya to not transfer any of his property or money to his children.
He was asked to first pay back the banks for his defaulted loans.
United Spirits Limited (USL), is the company which made Mcdowell's whiskey and other beverages.
Vijay Mallya’s United Breweries Group bought USL.
Later, British liquor major Diageo PLC too bought the comany's shares.
However Mallya resigned from the Chairman's post of UBG & United Spirits Limited.
Mallya received $40 million from Diageo PLC after his resignation.
Mallya transferred the money received from Diageo to his three children and estranged wife.
In spite of the court order, Mallya transferred the money.
In 2017 the Supreme court found him guilty of contempt of court.
In the same year, Mallya filed a plea seeking a review of the verdict.
The court refused and the case went on.
During contempt proceedings, Mallya had claimed that the money received after his resignation did not belong to him.
It belonged to the UBG company and it was the company's decision to transfer it to his children and wife.
He never had the money in his control.
The court said that Mallya had a huge loan to repay, still he transferred the money to his children.
Mallya said that if he had the control of the money, he would have repaid. However it was in company's hand.
The matter has been in the court since the last 5 years
The court in August 2020 dismissed Mallya's plea and found him guilty of contempt of court.
After all the arguments, on 10th March, the Supreme Court reserved its order
and also directed him to return to India and appear before the court.
The court asked the government to bring back Mallya to India.
The Supreme Court in its verdict on 11th July 2022 convicted Mallya of contempt of court
and sentenced him to 4 months jail and imposed a fine of Rs. 2,000/- as well.
Just Rs. 2000 for such a huge fraud? No, That is a separate case.
This verdict is related to disobeying of the court order which had directed him to not transfer his money.
In the case related to the 9000 crore loan default will have separate punishment.
Also if the fine is not deposited, Mallya would face two more months jail.
The court also directed the Ministry of Home Affairs to submit a report on the steps taken to bring back Mallya.
The court asked them to expedite the process and dismissed all the arguments submitted by Mallya
as instead of repaying the loans with interest, he had transferred the money.
Shocking!
ISH News has released various videos about Vijay Mallya, you can see those on the link given at the end.