India: Supreme Court defers case against Vijay Mallya

India’s Supreme Court on Monday, July 10 deferred hearing a case filed by banks seeking contempt action against Vijay Mallya, promoter of the now defunct Kingfisher Airlines, for allegedly not making a full and fair disclosure of all his assets at home and abroad as ordered by the court, The Economic Times reported.

The top court had, at the previous hearing on May 9, asked Mallya to appear before it personally and explain. But he was absent when the court convened on July 10.

Lawyer for the banks, Robin Ratnakar David, suggested that the case be deferred in absence of Mallya and the government lawyers to another day. The two-judge bench then listed the case for further hearing on July 14.

The government of India, through the ministries of home and external affairs, was expected in this to serve Mallya the contempt notice — issued through former AG Mukul Rohatgi at the banks’ insistence —and enforce his appearance.

Mallya has previously expressed his reluctance to come to India for fear of being made an example over corporate defaults, even though others owe banks more than he does. He claims the losses were a result of business failure and nothing more.

Justices Adarsh Kumar Goel and UU Lalit had held him prima facie guilty of contempt on grounds that he had failed to make a true and faithful disclosure of all assets. Mallya allegedly transferred a $40-million Diageo payout on the eve of the order.