Bench finds no merit in his petition

Vijay Mallya.

Vijay Mallya.
  | Photo Credit:
AP


Bench finds no merit in his petition

The Supreme Court on Monday pushed aside a overview petition filed by by fugitive businessman Vijay Mallya against a 2017 verdict of contempt.

A Bench led by Justice U.U. Lalit, in a short assert, chanced on no merit in Mr. Mallya’s three-year-broken-down overview plea against his conviction.

The court docket on Could 9, 2017, chanced on Mr. Mallya responsible of contempt for wilful disobedience of its assert to return trim on his assets and now not disclosing a sum of $40 million he bought from British liquor major Diageo Plc following his resignation as Chairman of United Spirits Runt in February 2016.

In his accepted arguments ahead of the court docket in 2017, Mr. Mallya had said that the $40 million was as soon as one amongst “hundreds of transactions” he did and couldn’t be counted as an asset. He said he had no withhold watch over over that cash now as he had already disbursed it among his three grownup teenagers, who are U.S. citizens.

Countering allegations made by a banking consortium led by the Say Monetary institution of India, which had filed the contempt of court docket petition against him, Mr. Mallya said he had already given a full listing of assets as of March 31, 2016. The court docket had ordered the businessman to provide the banks with a listing of his assets so that they may maybe presumably maybe presumably enhance ₹9,200 crore due to them.

The banks had sought contempt circulation against Mr. Mallya arguing that the disbursal of the $40 million among his three teenagers was as soon as in bellow violation of a standing Karnataka Excessive Court assert that none of his assets must mute be “alienated, disposed of or be subjected to the advent of third event rights.”