The Karnataka High Court has issued a bailable warrant against Vijay Mallya in connection with a contempt petition filed by a consortium of 17 banks which have given loans to Mallya’s now-defunct Kingfisher Airlines.
The High Court has set the bail amount at Rs 1 lakh.
The police now have to prove that Mallya has left the country, following which a non-bailable warrant will be issued against him at the next hearing on February 17.
Mallya, who has been out of the country for nearly a year now, was recently barred by market regulator Securities Exchange Board of India from holding a key managerial position in a listed company in India and trading in the securities market.
(This story was originally published on BloombergQuint)
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