Supreme Court considers Mallya as accused for transferring assets to kids

MUMBAI, INIDA NOVEMBER 15: Vijay Mallya, Chairman of Kingfisher Airlines at press conference to announce the results at Regency Ballroom, Hyatt Regency, Andheri (E) on November 15, 2011 in Mumbai, India. (Photo by S Kumar/Mint via Getty Images)

Vastavam web:Supreme Court of India has considered the liquor baron Vijay Mallya as accused for contemting the orders of Karnataka High court and transferring around his assets worth of  Rs.260 crores on the name of his children. Later the court ordered him to face the trial on 10 July. A bench of Justices Adarsh Kumar Goel and U U Lalit put for the queries during the day-long hearing after which it reserved the orders on two pleas of lending banks seeking contempt action and a direction to him to deposit USD 40 million received from offshore firm Diageo respectively.
“You answer us whether you have disclosed your assets truthfully? Did you violate the Karnataka High Court order (restraining Mallaya from transferring and alienating assets) by transferring USD 40 million,” the bench asked senior advocate C S Vaidyanathan, representing Mallya. At the outset, the bench also posed several queries to the consortium of lending banks led by State Bank of India and asked it whether any criminal proceedings have been initiated against Mallya. s”Was any security taken at the time of giving the loan? Was the security adequate? If not, then why the loan was advanced without sufficient security.