Indian tycoon and Force India chief Vijay Mallya, once dubbed the 'King of Good Times', was found guilty of contempt by the country's top court after he was found to have sent his children millions of dollars. The indebted liquor baron, who co-owns a Formula One team and a cricket side, fled India in 2016 owing more than $1.3 billion in loans to more than a dozen banks. His creditors have been trying to retrieve the unpaid debts, which Mallya stands accused of misusing, but the 61-year-old has refused to return from Britain to face multiple charges. The Supreme Court ruled Tuesday in favour of a consortium of banks and creditors who argued Mallya had violated court orders by transferring...
Full Story »