Former Kingfisher Airlines boss Vijay Mallya, who relies in Britain for over 5 years, on Monday expressed his disappointment on the Supreme Court verdict sentencing him to 4 months in a contempt case. The 66-year-old UK-based businessman didn’t remark additional on the decision handed down by a high court docket bench headed by Justice U.U. Lalit earlier on Monday. “I have no comment on the Indian Supreme Court verdict except to say that I am naturally disappointed,” Mallya instructed PTI.
The UB Group chair is accused in a financial institution mortgage default case estimated at over Rs 9,000 crore involving his now-defunct Kingfisher Airlines. The Supreme Court had on March 10 reserved its order within the matter, observing that proceedings in opposition to Mallya have hit a “dead wall”.
Back in 2020, the apex court docket had dismissed Mallya’s plea searching for a overview of a 2017 verdict which held him responsible of contempt for transferring USD 40 million (a million = ten lakh) to his youngsters in violation of court docket orders.
Mallya has been dwelling within the United Kingdom since March 2016. He was arrested on an extradition warrant executed by the Scotland Yard on April 18, 2017.
He stays on bail within the UK whereas a “confidential” authorized matter, believed to be associated to an asylum software, is resolved in reference to the extradition proceedings.
Last month, in unrelated proceedings, his legal professionals argued within the UK High Court that the Indian banks, led by State Bank of India (SBI), have been pursuing the identical debt in opposition to him each in India and the UK as he pursues appeals in an try to overturn a chapter order
Source: www.financialexpress.com”