SC holds Mallya guilty of contempt, summons him on July 10th

Wednesday 17th May 2017 06:27 EDT

The Supreme Court has found absconding businessman Vijay Mallya guilty of contempt of court and summoned him to personally appear on July 10. The court was hearing a plea by a consortium of banks who moved the apex court after Mallya received $40 million from British firm Diageo Plc in February last year.

Mallya was arrested by Scotland Yard last month on fraud allegations, triggering his extradition process in British courts. However, he was released on bail after assuring the court to abide by all conditions associated with extradition proceedings, including surrendering his passport. India had given a formal extradition request for Mallya last February through a note verbale. The Ministry of External Affairs informed that Mallya's extradition has been stratified by the Secretary of State of the UK government, adding that a warrant would soon be released against him.

The UK's Crown Prosecution Service will argue the case on behalf of Indian authorities. Mallya's now-defunct Kingfisher Airlines allegedly owes over £900 million to various banks. He had fled the country on March 2, 2016.

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