Liquor Baron Vijay Mallya has requested Supreme Court to reverse the Karnataka high court orders to pay up his loans amounting to Rs.9,000 crore, immediately. He filed the petition to cancel the court orders and listen to his case patiently, remotely from UK, as he claimed his life to be under threat.
Supreme Court has ordered his physical presence before them. He missed all the dates to appear in front of the court directly and hence, court took it as contempt of court. They have ordered him to pay Rs.2000 as fine.
Later, Bank consortium filed multiple petitions to Supreme Court claiming that Mallya shifted the money he acquired by selling off his off shore company Diageo in UK, amounting to $40 Million to his kids – Siddharth Mallya, Leanna Mallya and Tanya Mallya in 2021.
Banks claimed it as contempt of court as Karnataka High Court ordered him to pay any amount he acquires by selling off his properties towards bank loans, amounting to Rs.9000 crores. The amount in Indian Rupees is Rs.314 crores and Supreme Court ordered Mallya to pay the amount adding 8% interest to the recovery officer in 4 weeks.
As SC found his diversion of funds as “void and inoperable”. Along with being contempt of court. SC also gave him 4 months jail sentence. If he fails to pay the $40 Million amount, his remaining properties will be attached to the case, leaving him almost penniless.
Mallya took loans to operate Kingfisher Airlines and the company has accrued losses amounting to multi-million dollars. Hence, once the King of Good Times has become KING of BAD TIMES.