STATE BANK OF INDIA AND ORS vs DR. VIJAY MALLYA

Bench: 3 — Uday Umesh Lalit, S. Ravindra Bhat, Pamidighantam Sri Narasimha

In Brief

Dr. Vijay Mallya was found guilty of contempt for disbursing USD 40 million in violation of High Court restraint orders and undertakings given to the Supreme Court. He transferred the funds to trusts benefiting his children without disclosing the account or transaction details. The Supreme Court sentenced him to four months imprisonment and a fine of Rs. 2,000, with compliance directed by the Ministry of Home Affairs. The Court declared the disbursement transactions void and inoperative, directing recovery of the USD 40 million plus 8% interest from the beneficiaries within four weeks, with appointment of forensic auditors if necessary to trace and recover the funds for execution of bank decrees.

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Contempt of Court Civil Contempt Criminal Contempt Purging of Contempt Undertakings to Court Restraint Orders Court Jurisdiction Asset Recovery Asset Sequestration

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