The Supreme Court on Monday rejected a petition by fugitive liquor baron Vijay Mallya seeking review of its 2017 verdict holding him guilty of contempt of court for transferring $40 million to his children. The order was reserved by the top court on August 27 after completing hearings of both sides. "We do not find any merits. Review petition dismissed," a bench comprising justices U U Lalit and Ashok Bhushan said.
The fugitive businessman, who is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, is currently residing in the United Kingdom (UK).
Mallya has been based in the UK since March 2016. He remains on bail on an extradition warrant executed three years ago by Scotland Yard on April 18, 2017.
The 2017 order by the Supreme Court had come on a petition by a consortium of banks led by the State Bank of India (SBI). The consortium had said that the economic offender had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
In May, Mallya had lost his application seeking leave to appeal his extradition to India in the UK Supreme Court, setting a 28-day clock on his removal from the UK.
The UK top court's decision marks a huge legal setback to the 64-year-old businessman, who had earlier lost his high court appeal against an extradition order to India on charges of alleged fraud and money laundering related to unrecovered loans to his Kingfisher Airlines.