- India’s Supreme Court has sentenced Vijay Mallya to four months in prison and fined him 2,000.
- The court found him guilty in 2017 of contempt for transferring $40 million to his children in violation of court orders.
- Vijay Mallya fled to London in March 2016 because he owned 9,000 crore in a consortium of 17 Indian banks.
India’s most wanted borrower Vijay Mallya is appealing after appeal to delay his extradition home. Even before he lands here, he faces jail time and that’s just for one of the adjacent offenses: transferring $40 million to his children in 2017.
India’s Supreme Court on Monday sentenced fugitive businessman Vijay Mallya to four months in prison and fined him ₹2,000 after it found him guilty of contempt for violating court orders and transferring the amount.
The top court said the $40 million transaction carried out by Vijay Mallya is “null and void and unenforceable.” She ordered the recipients, Mallya’s children, to return the amount with 8% interest to the recovery officer within four weeks.
If the amount is not returned, Vijay Mallya’s property may be seized. Mallya has four children: Siddharth Mallya, Laila Mallya, Tanya Mallya, Leanna Mallya.
A bench of judges UU Lalit, S Ravindra Bhat and PS Narasimha has passed the order.
Here’s the full timeline of Vijay Mallya’s fall from the King of Good Times on a fugitive:
Vijay Mallya fled to London in March 2016 because he owned 9,000 crore in a consortium of 17 Indian banks. He is said to have left India with a wealth of ₹270 crore.
|March 9, 2016||Vijay Mallya flees India while in talks with banks to settle the ₹9000 crore debt of his company, Kingfisher Airlines.|
|April 2016||Banks reject Mallya’s offers for payment of dues worth ₹9,000 crore.|
|April 2016||Indian government revokes Mallya’s passport.|
|April 2016||Enforcement Directorate Moves Special Court to Get Bailless Warrant and Red Corner Notice Against Mallya.|
|April 2017||Mallya is arrested in London over India’s extradition request and was released on bail within hours.|
|October 2017||Vijay Mallya was arrested again in London after an affidavit from the Enforcement Directorate.|
|March 2018||British court notes that Indian banks have broken rules to provide loans to Kingfisher Airlines.|
|May 2018||Mallya loses lawsuit filed by 13 Indian banks to collect $1.55 billion.|
|May 2018||British court refuses global order to freeze Mallya’s assets|
|June 2018||Vijay Mallya filed an application with Karnataka High Court to sell assets worth ₹13,900 crore.|
|October 2018||British court orders auction of six Mallya luxury cars.|
|Nov 2018||UK court clears 13 Indian banks to use information released in court as part of global freezing order in a case involving the sale of a luxury superyacht.|
|Dec 2018||British court orders extradition of Vijay Mallya|
|January 2019||India’s Special Prevention of Money Laundering (PMLA) court declares Mallya a ‘fugitive economic offender.|
|February 2019||British Home Secretary Sajid Javid orders the extradition of Vijay Mallya to India.|
|April 2020||The Royal Courts of Justice have rejected Mallya’s plea against the December 2018 extradition warrant.|
|July 2021||British court awards bankruptcy to Vijay Mallya.|
|January 2022||Vijay Mallya loses his luxury London home after a British court refuses him a residence permit.|
|July 2022||India’s Supreme Court sentences Vijay Mallya to four months in prison and fines him ₹2,000.|
Unlockdowned – DMart gets it back from monsoons and school going kids
India’s most wanted borrower Vijay Mallya sentenced to 4 months in prison
That’s why it costs more to order online on Zomato and Swiggy than to dine in