Indian tycoon Vijay Mallya guilty of disobeying top court

MarketsAssociated Press

India's top court has found wanted tycoon Vijay Mallya guilty of disobeying its order barring him from transferring $40 million to his children.

Mallya fled to London last year and has stayed there. He is free on bail during India's proceedings to extradite him.

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The Supreme Court in Tuesday's ruling acted on a plea by Indian banks, who said Mallya received $40 million from British firm Diageo and transferred it to his children illegally. The court asked Mallya to appear before it in July to decide the punishment.

Mallya is wanted in India on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline.