STOCK MARKET BSE NSE

Bailable warrant issued against Vijay Mallya by Karnataka High Court

The Karnataka High Court on Friday issued a bailable warrant for Rs 50 lakh against Vijay Mallya to his UK address through Ministry of Home Affairs, returnable by June 1.

Published: 10th March 2017 07:21 PM  |   Last Updated: 10th March 2017 07:21 PM   |  A+A-

Vijay Mallya (File | PTI)

By Express News Service

BENGALURU: The Karnataka High Court on Friday issued a bailable warrant for Rs 50 lakh against Vijay Mallya to his UK address through Ministry of Home Affairs, returnable by June 1.

The division bench of Justices B S Patil and B V Nagarathna issued this warrant, as Mallya failed to appear in response to the bailable warrant issued to his Bengaluru address, in connection to a contempt petition filed by the consortium of banks.

On January 27, while hearing the contempt petition filed by the consortium of banks, the High Court had issued a bailable warrant against Mallya, returnable by February 17, to his Bengaluru address, as he failed to appear before the court on December 2, 2016.

According to the consortium of banks, including SBI, when the matter was pending before the Debt Recovery Tribunal as well as the High Court, they came to know that Mallya had pledged 1,04,86,666 shares of UB Limited held by him and another 1,04,64,288 shares held by Mallya and his son Siddarth Mallya to Standard Chartered Bank, in violation of his oral undertaking given before the Tribunal. 

It amounts to contempt of court, the banks have contended in their petition before the High Court.

Referring this, the banks have contended that the pledging of shares was confirmed by the stock exchange and it was wilful disobedience of undertaking given by him. Hence, Mallya should be prosecuted on charges of Contempt of Courts Act, the petitioners urged.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp