SC convicts Vijay Mallya: Holds him in contempt
The Supreme Court has convicted liquor baron, Vijay Mallya for contempt of court. The court ordered that Vijay Mallya be present before it on July 10. The conviction was ordered in connection with a loan default case.
The consortium of banks had filed a case in the SC seeking a directive to Mallya to repay the loan amount of Rs 8,600 crore. They had also said that he be directed to be brought down to India and pay the loan amount.
Mallya however despite being ordered to be present before the court failed to do so. The court had given him several dates to be present. However after he failed to appear before the court, the SC held him in contempt.
Mallya is already facing proceedings in the UK in connection with an extradition case. He was arrested briefly last month and then granted bail.