"We have found respondent number 3 (Mallya) guilty of contempt of court on two grounds," a bench comprising Justices A K Goel and U U Lalit said.
The apex court directed Mallya, who is presently in the United Kingdom, to appear before it on July 10 to argue on the quantum of punishment in the matter.
The order came on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred USD 40 million which he had received from British firm Diageo, to his children in "flagrant violation" of various judicial orders.
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