The Supreme Court Thursday reserved its order on absconding businessman Vijay Mallya’s plea seeking review of its 2017 ruling holding him guilty of contempt of court.
A bench of Justices U U Lalit and Ashok Bhushan reserved its decision after hearing Advocate Jai Munim appearing for Mallya.
The top court in its May 9, 2017 order held Mallya guilty of contempt on two counts — for disobeying its order asking him to fully disclose his assets and for violating the Karnataka High Court order restraining him from alienating his assets.
SC found that despite the direction to disclose assets, he had not revealed the receipt of $40 million and, in violation of the High Court order, had transferred the sum to his children.
The contempt application was filed by a consortium of banks which is pursuing a case against him for failure to repay loans running into thousands of crores of rupees.