The Supreme Court on Thursday reserved its order on a plea of a consortium of banks, led by State Bank of India, that $40 million, which liquor baron Vijay Mallya had allegedly transferred to his children, needed to be brought back.
A bench of Justice Adarsh Kumar Goel and Justice and U.U. Lalit also reserved its order on their plea seeking initiation of contempt proceedings against Mallya.
During the hearing, the banks told the court that Mallya received $40 million from British firm Diageo in February last year and transferred the money to his children in flagrant violation of various judicial orders, including those passed by passed by the Debt Recovery Tribunal and the Karnataka High Court.
--IANS
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