Karnataka HC issues bailable warrant against Vijay Mallya

The warrant is returnable by June 1 for a surety of Rs 50 lakh.

Bengaluru: After failing to appear before it in connection with a contempt petition filed by the State Bank of India and 14 other banks, the Karnataka High Court on Friday ordered bailable warrant against former liquor baron Vijay Mallya.

The warrant is returnable by June 1 for a surety of Rs 50 lakh. This means that Mr Mallya is ordered to appear before the court on June 1 along with the surety.

The division bench of Justices B.S. Patil and B.V. Nagarathna has issued the warrant to Mr Mallya’s UK address through the ministry concerned.

The court on January 27 issued a bailable warrant against Mr Mallya to his Bengaluru address returnable by February 17. Earlier, he had failed to appear before the court on December 2, 2016.

The banks have accused Mr Mallya of violating an undertaking given by him and his companies, including Kingfisher Airlines, that they would not transfer their equity shares in United Breweries Holdings Limited after the Debt Recovery Tribunal (DRT) had restrained Standard Chartered Bank, with which the shares had been pledged, from handing them over to Diageo.

The court had directed Mr Mallya to be present after rejecting his application to rescind its order of summoning him.

( Source : Deccan Chronicle. )
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