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Supreme Court issues Contempt Notice to Vijay Mallya on Bank’s Plea

July,25,2016:

 Contempt Notice to Vijay Mallya

Contempt Notice to Vijay Mallya

Banks have already rejected his offer to repay Rs. 4,000 crores as final settlement.

Supreme Court has yesterday issued notice to Vijay Mallya on a plea seeking contempt proceedings against him.

He is accused of not giving full details of his movable and immovable assets.

The petition is filed by a consortium of banks led by SBI.  The Banks have already rejected his offer to repay Rs. 4,000 crores towards settlement of all debts.

Vijay Kingfisher Mallya is also being investigated by Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO), which probes white collar crimes.

Just last month, a special Prevention of Money Laundering Act (PMLA) court in Mumbai culminated the Proclamation proceedings in a loan default case and had declared Mallya a PO, proclaimed offender .

It has been claimed by Mallya that the Bank Consortium has already recovered Rs. 2, 494 crore since 2013 from Kingfisher Airlines.

Apex court also gave the DRT, Debt Recovery Tribunal, some additional time to conclude its hearing in the Mallya loan default case.

Enforcement Directorate had in June attached properties worth Rs. 1,411 crore of Mallya and UB Ltd in connection with IDBI Bank’s loan default and money laundering probe.

Mallya fled to the United Kingdom on March 2 using his diplomatic passport. Ministry of External Affairs  later revoked the Passport.

Related News @ LatestLaws.com-

14.6.2016- Special Court declares Vijay Mallya a Proclaimed Offender, deportation to follow

2.5.2016- Vijay Mallya resigns as MP, castigates Parliament: I will not get a fair Trial or Justice

21.4.2016- First conviction recorded against absconding Businessman & MP Vijay Mallya

16.4.2016- Passport suspended, NBW for Arrest in pipe, Long Arms of Law are surely catching up against Vijay Mallya

30.3.2016- Vijay Mallya blinks before Supreme Court: Offer to pay Rs.4,000 Crore by Sept. 2016, but not coming back soon

21.3.2016- Supreme Court rapped Mallya for ‘sheer abuse of law’ & evading Law Enforcement Agencies

12.3.2016- Taking cue from Mallya episode, SEBI now bars willful Loan defaulters from Market & holding post in Listed Companies

10.3.2016- Even as Banks line up at SC for hearing, Kingfisher Mallya does a vanishing act, flees Country

8.3.2016- 17 Banks join hands in knocking Supreme Court door to stop Vijay Mallya from fleeing country

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