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<ul><li>Indian Supreme Court has sentenced <keyword id="14678" type="General" weightage="20" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> to four months jail term and imposed a fine of ₹2,000 on him.</li><li>The court found him guilty of contempt in 2017 over transferring $40 million to his children in violation of court orders.</li><li>Vijay Mallya fled to London back in March 2016 as he owned ₹9,000 crore to a consortium of 17 Indian banks.</li></ul>India’s most wanted borrower Vijay Mallya is filing appeal after appeal to stall his extradition back home. Even before he lands here, he has a jail sentence awaiting him and that’s just for one of adjacent offenses — transferring $40 million to his children in 2017. The Supreme Court of India <a href="https://www.businessinsider.in/india/news/indias-most-wanted-borrower-vijay-mallya-gets-sentenced-to-4-months-in-jail/articleshow/92797349.cms">on Monday</a> sentenced fugitive businessman Vijay Mallya to four months jail term and imposed a fine of ₹2,000 on him, after it found him guilty of contempt as he violated court orders and transferred the amount. The apex court said that the $40 million transaction carried out by Vijay Mallya is ‘void and inoperable’. It ordered the recipients, Mallya’s children, to return the amount with 8% interest to the recovery officer within four weeks. If the amount is not returned, Vijay Mallya's properties can be attached. Mallya has four children — Siddharth Mallya, Laila Mallya, Tanya Mallya, Leanna Mallya. A bench of Justices UU Lalit, S Ravindra Bhat and PS Narasimha passed the order. <cmsannotation type="cmsannotation" annotationid="Here is the complete timeline of Vijay Mallya’s fall from the King of Good Times to a fugitive:" comment="subhead" text="Here is the complete timeline of Vijay Mallya’s fall from the King of Good Times to a fugitive:">Here is the complete timeline of Vijay Mallya’s fall from the King of Good Times to a fugitive:</cmsannotation> Vijay Mallya fled to London back in March 2016 as he owned ₹9,000 crore to a consortium of 17 Indian banks. He is said to have left India with a wealth of ₹270 crore. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dates </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Events </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 9, 2016 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijay Mallya flees India, while he was in discussion with banks to settle the ₹9000 crore debt incurred by his company, Kingfisher Airlines. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2016 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banks reject Mallya's offers for payment of dues worth ₹9,000 crore. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2016 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian government revokes Mallya’s passport. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2016 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Enforcement Directorate moves special court to get a non-bailable warrant and Red Corner notice against Mallya. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2017 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mallya gets arrested in London over India’s extradition request and was released on bail within a few hours. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October 2017 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijay Mallya was once again arrested in London following an Enforcement Directorate affidavit. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK court notes that Indian banks broke rules to lend to Kingfisher Airlines. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mallya loses a lawsuit filed by 13 Indian banks, seeking to collect $1.55 billion. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK court refuses to overturn worldwide order on freezing Mallya’s assets. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijay Mallya filed an application with Karnataka High Court to sell assets worth ₹13,900 crore. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">October 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK court orders auction of Mallya’s six luxury cars. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">November 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK court gives its nod to allow 13 Indian banks to use information disclosed in court as part of a worldwide freezing order in a case involving the sale of a luxury superyacht. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK court orders extradition of Vijay Mallya </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Special Prevention of Money Laundering (PMLA) court in India declares Mallya as a ‘fugitive economic offender. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK Home Secretary Sajid Javid orders Vijay Mallya's extradition to India. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Royal Courts of Justice rejected Mallya's plea against the extradition order of December 2018. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">British court grants bankruptcy order against Vijay Mallya. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijay Mallya loses his plush London home after a British court refuses to grant him a stay order. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Supreme Court sentences Vijay Mallya to four months jail term and imposes a fine of ₹2,000 on him. </td></tr></tbody><tbody></tbody></table> SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/retail/news/dmart-gets-it-mojo-back-from-monsoons-and-school-going-children/articleshow/92796927.cms">Unlockdowned - DMart gets it mojo back from monsoons and school-going children</a> <a href="https://www.businessinsider.in/india/news/indias-most-wanted-borrower-vijay-mallya-gets-sentenced-to-4-months-in-jail/articleshow/92797349.cms">India's most wanted borrower Vijay Mallya gets sentenced to 4 months in jail</a> <a 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Jail time awaits Vijay Mallya even as he tries his best to stall extradition — a timeline of his downfall

Fugitive businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword>'s lawyer, facing extradition, told the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Thursday that he has been incommunicado for a long time and requested the court to discharge him from representing <keyword id="6373968" type="General" weightage="100" keywordseo="mallya" source="Orion">Mallya</keyword> in the matter. A bench comprising Justices D.Y. Chandrachud and <keyword id="11935333" type="General" weightage="50" keywordseo="hima-kohli" source="Orion">Hima Kohli</keyword> asked the lawyer to provide Mallya's email and residential address in the UK to the court registry. Counsel submitted that he wants to be discharged from the case since he is not receiving any instructions from Mallya. The top court permitted the lawyer to initiate the procedure for withdrawing his legal representation for the fugitive. The bench was informed that the top court had also directed the central government to take steps to secure the presence of Mallya in India. The apex court was considering a plea filed by Mallya in relation to a monetary dispute with the <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword>. In July, the Supreme Court sentenced Mallya to four months imprisonment for contempt of court in 2017, as he suppressed information from the court. The top court also ordered Mallya to deposit USD 40 million -- which he had transferred to his family members in violation of the court orders -- failing which attachment of his properties will begin. The top court had said: "In the circumstances, in order to maintain the majesty of law, we must impose adequate punishment upon the contemnor and must also pass necessary directions so that the advantages secured by the contemnor or anyone claiming under him are set at nought and the amounts in question are available in the execution of the decrees passed in the concerned recovery proceedings." The bench noted that Mallya never showed any remorse nor tendered any apology for his conduct, as it imposed a sentence of four months and a fine of Rs 2,000 on him. It added that in case the amount of the fine is not deposited within the time stipulated, Mallya would undergo a further sentence of two months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-recovers-some-growth-momentum-it-lost-in-september/articleshow/95273704.cms">India's services sector recovers some growth momentum it lost in September</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/kashmir-apple-rates-down-by-30-pc-growers-seek-govt-support-to-overcome-losses/articleshow/95274219.cms">Kashmir apple rates down by 30 pc, growers seek govt support to overcome losses</a>

'Not receiving any instructions from Vijay Mallya', lawyer to SC

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday sentenced fugitive businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> to four months' imprisonment for contempt of court in 2017, as he had suppressed information from the court. It also ordered <keyword id="6373968" type="General" weightage="100" keywordseo="mallya" source="Orion">Mallya</keyword> to deposit $40 million -- which he had transferred to his family members in violation of the court orders - failing which attachment of his properties will begin. A bench of Justices U.U. Lalit, S. Ravindra Bhat, and P. S. Narasimha said: "In the circumstances, in order to maintain the majesty of law, we must impose adequate punishment upon the contemnor and must also pass necessary directions so that the advantages secured by the contemnor or anyone claiming under him are set at naught and the amounts in question are available in execution of the decrees passed in the concerned recovery proceedings." The bench noted that Mallya never showed any remorse nor tendered any apology for his conduct, as it imposed a sentence of four months and fine of Rs 2,000 on him. The bench added that in case the amount of fine is not deposited within the time stipulated, Mallya would undergo a further sentence of two months. The bench also ordered Mallya to deposit $40 million, which he had transferred to his family members in violation of the court orders, failing which attachment of his properties will begin. "The contemnor (Mallya) and the beneficiaries under said transactions, shall be bound to deposit the amount received by such beneficiaries along with interest at the rate of 8 per cent per annum with the concerned Recovery Officer within four weeks," it said. "In case the amounts are not so deposited, the concerned Recovery Officer shall be entitled to take appropriate proceedings for recovery of said amounts; and Government of India and all the concerned agencies shall extend assistance and complete cooperation. It shall be open to take such appropriate steps including the appointment of Forensic Auditor(s)." The top court also directed the <keyword id="69522" type="General" weightage="50" keywordseo="ministry-of-home-affairs" source="Orion">Ministry of Home Affairs</keyword> to secure the presence of the contemnor to undergo the imprisonment imposed upon him. "Needless to say, the Government of India including the <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> and all other agencies or instrumentalities shall carry out the directions issued by this court with due diligence and utmost expediency. A Compliance Report shall thereafter be filed in the <keyword id="14236152" type="General" weightage="50" keywordseo="registry-of-this-court" source="Orion">Registry of this Court</keyword>," it said. On February 10, the top court gave final opportunity to Mallya, seeking his appearance, before it pronounced sentence in contempt case filed by banks, in which he was found guilty. The top court said it has found Mallya guilty of contempt and punishment has to be imposed. It added that going by normal logic, the contemnor has to be heard, but he has not appeared before the court so far. It had said that if Mallya is not present in the hearing, then the matter will be taken to its logical conclusion. According to a judgment delivered on July 14, 2017, Mallya was found guilty of contempt for not paying Rs 9,000 crore worth of dues to the banks despite repeated directions. Additionally, he was also accused of not disclosing his assets and also secretly trying to dispose of the assets to defeat the purpose of recovery proceedings. On October 6 2020, the MHA told the Supreme Court that the UK Home Office has intimated, there is a further legal issue which needs to be resolved before Mallya's extradition takes place and this issue is outside and apart from the extradition process having effect under the UK law. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/best-bollywood-actor-and-actress-comeback-to-ott/slidelist/92802567.cms">Best Bollywood comebacks to OTT; Sushmita Sen, Karisma Kapoor, Bobby Deol and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/world-population-day-population-growth-and-sustainable-developmentturning-the-risk-into-opportunity-in-india6/articleshow/92800866.cms">World Population Day: Population growth and sustainable development—turning the risk into opportunity in India6</a>

Supreme Court bench maintained 'majesty of law' by sentencing Vijay Mallya

The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday awarded four-month sentence to fugitive businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> in a contempt case. Observing that it must impose adequate punishment upon the contemnor in order to maintain the majesty of law , a bench headed by Justice U U Lalit also imposed a fine of Rs 2,000 on <keyword id="6373968" type="General" weightage="100" keywordseo="mallya" source="Orion">Mallya</keyword>. Mallya is accused in a bank loan default matter of over Rs 9,000 crore involving his defunct <keyword id="6373962" type="General" weightage="50" keywordseo="kingfisher-airlines" source="Orion">Kingfisher Airlines</keyword>. Considering the facts and circumstances on record and the fact that the contemnor never showed any remorse nor tendered any apology for his conduct, we impose sentence of four months and fine in the sum of Rs 2,000, the bench said while pronouncing the order. The apex court had in 2020 dismissed Mallya's plea seeking review of the May 2017 verdict which had held him guilty of contempt for transferring USD 40 million (one million = ten lakh) to his children in violation of court orders. While pronouncing the order on Monday, the bench said the contemnor and beneficiaries of the transactions, referred to in its May 2017 verdict, shall be bound to deposit the amount received by them along with eight per cent interest per annum with the recovery officer concerned within four weeks. In case the amounts are not so deposited, the recovery officer concerned shall be entitled to take appropriate proceedings for recovery of said amount and the Government of India and all agencies concerned shall extend assistance and complete cooperation, it said. The bench said the fine of Rs 2,000 imposed on Mallya be deposited in the registry of the apex court within four weeks and upon such deposit, the amount shall be handed over to the <keyword id="646760" type="General" weightage="50" keywordseo="supreme-court-legal-services-committee" source="Orion">Supreme Court Legal Services Committee</keyword>. In case, the amount of fine is not deposited within the time stipulated, the contemnor shall undergo further sentence of two months, it said. In the circumstances, in order to maintain the majesty of law, we must impose adequate punishment upon the contemnor and also pass necessary direction so that the advantage secured by the contemnor or anyone claiming under him are set at nought and the amount in question is available in execution of the decree passed in the concerned recovery proceedings, the bench said. Mallya has been living in the United Kingdom since March 2016. He is on bail on an extradition warrant executed by the Scotland Yard on April 18, 2017. During the hearing earlier, Mallya's counsel had on March 10 told the apex court that he was handicapped in the absence of any instruction from his client, who is in the United Kingdom, and would not be able to argue on the quantum of sentence to be awarded in the contempt case. Observing that it had waited "sufficiently long", the apex court on February 10 had fixed the contempt case against Mallya for hearing and had given him the last opportunity to appear before it either personally or through his lawyer. The top court had said it has given multiple opportunities to Mallya to appear either personally or through a lawyer and had even given specific directions in its order dated November 30, 2021. Earlier, a consortium of lending banks led by the <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> had moved the apex court alleging that Mallya was not following the court orders on repayment of loan which was then over Rs 9,000 crore. It was alleged that he was not disclosing the assets and moreover, transferring them to his children in violation of the restraint orders. Solicitor General <keyword id="243257" type="General" weightage="50" keywordseo="tushar-mehta" source="Orion">Tushar Mehta</keyword>, appearing for the Centre, had earlier said that the court has inherent jurisdiction in contempt cases and that it has given enough opportunity to Mallya, which he has not taken. On November 30 last year, the top court had said it cannot wait any longer and the sentencing aspect in the contempt matter against Mallya would be dealt with finally. Mallya was held guilty of contempt in 2017, and the matter was thereafter to be listed to hear him on the proposed punishment to be awarded to him. The apex court had earlier noted that as per an office memorandum, under the signature of the deputy secretary (extradition) of the <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (<keyword id="6358274" type="General" weightage="50" keywordseo="mea" source="Orion">MEA</keyword>), the proceedings for extradition have attained finality and Mallya has "exhausted all avenues for appeal" in the UK. 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India's most wanted borrower Vijay Mallya gets sentenced to 4 months in jail

<ul><li>IndusInd Bank’s provision for losses from IL&amp;FS may be too little too late, according to an analyst. </li><li>The provision for bad loans in the latest quarter should have come at least eight months ago, says Hemindra Hazari. </li></ul> To start with, Mumbai-based IndusInd’s profits fell by 62% in the fourth quarter compared to ₹9.5 billion to ₹3.6 billion. Yet, investors and analysts are happy. Their rationale -- bad loan burden due to its defaulter IL&amp;FS -- was not as bad as expected. Between January and March 2019, the bank made a provision of ₹12.7 billion against its loan to the troubled infrastructure lender, which had failed to pay back what it owes to banks, precipitating a liquidity crisis. A provision is where a bank sets aside some of its money to cover a loan that it believes is unrecoverable. For this, banks have to typically dip into their coffers, a step that can hurt its profits. Half truths But there are some who believe that the amount that IndusInd provisioned for the bad loan to IL&amp;FS, might not cover the extent of the exposure it has to IL&amp;FS. And, that there is an element of truth that may be missing from their statement. For one, it became obvious in September 2018 that IL&amp;FS had turned insolvent, but the full impact of it was not conveyed to analysts in a transparent manner. Added to that, the loan that IndusInd gave IL&amp;Fs is also unsecured, which means there is no collateral that the borrower has offered, which could have helped recover it. IndusInd chose to soften the blow to its investors by making only 13.8% (of the loan) provisioning in the second quarter ending September. It also assured the analysts that it may eventually go up by a further 20-25%. But this quarter ending March 2019, irrespective of the ‘maximum’ guidance it gave, the provision has risen to 70%. “They should have told us (analysts) from day one about the provision, and not have guided lower numbers to us,” says Hemindra Hazari, an independent capital markets. He wrote a report on the bank titled ‘<a href="http://hemindrahazari.com/2019/05/27/sell-side-analysts-blind-faith-in-indusind-bank-need-not-blind-investors/">Sell-Side Analysts’</a> Blind Faith in IndusInd Bank Need Not Blind Investors’. Staggering bad news This higher provision, as per an analyst report by Hazari, should have been made at least eight months back, when it had become obvious that IL&amp;FS had turned a toxic loan for every bank involved. “As per RBI norms, an unsecured non-performing loan requires 20-25% provisioning in the first year and requires 100% provisioning by the 366th day of remaining an NPA (non-performing asset),” said Hazari. The bank has not responded to Business Insider’s queries on the issue. In the second quarter analyst call, the managing director of the bank Ramesh Sobti had assured them saying, “So the best case scenario of course is that we don’t even provide this and we write it back and that scenario is equally possible. The scenario is possible that you make have to make another maybe 20 to 25% of this provisioning higher than this, is possible, so both scenarios are possible is the judgment call at this point of time that this is prudential in terms of our exposure.” Credibility of banks Changing stance regularly when a norm is in place usually affects the credibility of the management. Added to that, the bank has had several run-ins with regulators for incorrectly classifying its income. The banking regulator had imposed a <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-imposes-rs-3-crore-penalty-on-indusind-bank/articleshow/62055391.cms">Rs 3 crore fine</a> on IndusInd Bank in 2017 for violating its regulations on non-performing loans and extension of non-fund based limits. And here, the bank isn’t alone. Earlier, Hazari had also called out <a href="https://www.bloomberg.com/opinion/articles/2019-05-15/india-s-yes-bank-getting-a-director-from-rbi-signals-trouble?utm_medium=social&amp;cmpid%3D=socialflow-twitter-view&amp;utm_content=view&amp;utm_source=twitter&amp;utm_campaign=socialflow-organic">Yes Bank </a>and <a href="http://hemindrahazari.com/2017/12/13/wall-of-silence-sell-side-media-response-to-hdfc-banks-divergence/">HDFC Bank</a> both for inflating current profits using a tool called deferred tax asset--which will cause negative impact when it reverses in the following year. IndusInd Bank too had followed the same practice in its fourth quarter results. It is no secret that Indian banks are in trouble thanks to high profile defaults by Kingfisher Airlines head Vijay Mallya and diamantaire Nirav Modi, who have now fled the country. The grounding of Jet Airways and IL&amp;FS crisis is not helping no one. Yet, banks have chosen to provide a ‘feel good’ factor to investors, instead of giving forthright bad news. The <a href="https://www.thehindubusinessline.com/opinion/the-way-ahead-for-dealing-with-npas/article27198338.ece">total NPAs </a>for all scheduled commercial banks for the year 2017-18 stands at Rs 10.4 trillion. And, there is no way of underplaying this amount or an amount higher than this, or delay announcing bad loan news hoping for a better tomorrow. SEE ALSO: <a href="https://www.businessinsider.in/indias-lehman-moment-seems-closer-as-top-mutual-funds-defer-dues/articleshow/68831689.cms">India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors</a>

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