Mallya's $40-million transfer to family members that resulted in a $25 fine

Supreme Court penalises Vijay Mallya for disobeying its orders related to 2016 petition filed by SBI-led lenders' consortium

The Supreme Court (SC) on Monday slapped a fine of Rs 2000 ($25) and a four-month jail sentence on fugitive businessman Vijay Mallya. In addition, the former liquor baron has been asked to deposit $40 million with 8 per cent interest within a month, failing which his properties would be attached to recover the amount.

The court held Mallya guilty of contempt after it was brought to its notice that he had transferred $40 million to his children in the US. In 2016, the Karnataka High Court had prohibited Mallya from transferring money to any third party without clearing existing