The Supreme Court of India has awarded fugitive businessman Vijay Mallya four months of imprisonment and fine of Rs 2,000 for contempt of court. If the fine amount is not deposited on time, he will have to undergo two more months of imprisonment. He was also directed to deposit 40 million USD with interest within four weeks. The concerned authorities have been asked to initiate attachment proceedings in case of his default.
The Supreme Court found the transaction where Vijay Mallya had transferred 40 million USD from the sale of the United Breweries to his children as void and all the money transferred by him had to be returned to the loan recovery officer with interest at 8 percent.
Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his Kingfisher Airlines. He is currently in the United Kingdom.
