SC imposes Rs 10 lakh fine on Vijay Mallya

The Supreme Court on Monday rejected the plea of UB Group Chairman Vijay Mallya in a case pertaining to violation of foreign exchange rules where criminal proceedings have been initiated against him by the Enforcement Directorate.Mallya had challenged the Delhi High Court judgment that turned down his plea seeking the scrapping of the proceedings in a trial court for alleged 'wilful' disobedience of summons issued by the Enforcement Directorate over nine years ago.Mallya was issued the ED notice for allegedly transferring $2,00,000 to a British firm for advertising his liquor brand, Kingfisher, in a Formula One race. He allegedly wanted the logo of the Kingfisher beer to be displayed in the race.A bench of justices J Chelameswar and A K Goel also imposed a heavy fine of Rs 10 lakh on Mallya.The apex court had earlier stayed these proceedings during the pendency of the case.