K’taka HC issues bailable warrant against Mallya in contempt case

The warrant against Mallya has been issued for allegedly violating his oral undertaking given before the Debt Recovery Tribunal

The Karnataka high court on Friday issued a bailable warrant against liquor baron Vijay Mallya in a contempt case. On October 20, the HC had ordered that Mallya, who is residing in London, to be present in person before it on November 24, saying there was prima facie case to frame charges against him for allegedly violating his oral undertaking given before the Debt Recovery Tribunal.

He had undertaken before the DRT that he will not transfer, alienate or otherwise deal with his assets till the next date of hearing.

The contempt case had been filed by a consortium of banks led by State Bank of India in 2014 in connection with the Kingfisher Airlines Ltd case. The banks alleged that when the matter was pending before the DRT as well as the HC they came to know through newspaper reports that Mallya had pledged 1,04,86,666 shares of UB Ltd held by him and another 1,04,64,288 shares held by Mallya and his son Siddarth Mallya with Standard Chartered Bank.

This amounted to contempt of court, the banks had alleged.

OneIndia News