Breaking News: Vijay Mallya jailed for 4 months in contempt case, Supreme Court fined 2 thousand

The Supreme Court on Monday sentenced fugitive liquor baron Vijay Mallya to four months’ jail and a fine of Rs 2000 for contempt. “The punishment is necessary as Mallya has no remorse,” the bench said. Failure to pay the fine will result in an additional punishment of 2 months.

Mallya has also been asked to return $40 million (about Rs 317 crore) along with interest that he had transferred to his children’s foreign accounts within four weeks. Failure to do so will result in attachment of his property. In the Supreme Court, a 3-judge bench comprising Justice U U Lalit, Justice S Ravindra Bhatt and Justice Sudhanshu Dhulia gave this decision.

Mallya gave wrong information about money
The Center had said that Mallya has not only given wrong information to the court regarding transfer of money to foreign accounts, but has also extended the contempt further by not appearing in the court for the last five years. Mallya was convicted of contempt by the Supreme Court on 9 May 2017. He was convicted of contempt for transferring $40 million of the Diego Deal to foreign accounts of his children and for failing to provide accurate property details.

Mallya did not pay Rs 9,000 crore
A consortium of banks led by State Bank of India had moved the Supreme Court alleging that Mallya was not complying with court orders on repayment of loans worth over Rs 9,000 crore. Mallya has been in the UK since March 2016. He is out on bail now.

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