Prices have increased by 19 fils per litre, compared to the rates of April
Judge Emma Arbuthnot said Monday there were substantial misrepresentations in Mallya's characterizations of his financial dealings.
She said loans were obtained based on false statements and that banks had been fooled by Mallya's flamboyant personality and purported vast wealth.
The 62-year-old tycoon can still appeal the ruling, which was made in Westminster Magistrates' Court.
Mallya showed no emotion and drank from a plastic water bottle when the ruling was announced.
He is accused by India of money laundering and conspiracy involving hundreds of millions of dollars. He has denied wrongdoing in repeated court appearances.
Mallya was once a leading figure among India's business elite.
Prices have increased by 19 fils per litre, compared to the rates of April
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The total size of the offering remains unchanged at 900 million shares, representing 25 per cent of the company’s total issued share capital