The SC said, "We have found respondent number 3 (Mallya) guilty of contempt of court on the two grounds".
The top court by its April 7, 2016, order had asked Mallya to disclose all assets - movable and immovable and tangible and intangible - and other shareholdings and beneficial interests in India and overseas held by him, his wife and children.
Mallya (61), who fled from India past year, owes over Rs 9000 crore to the banks.
The court is expected to hand down its verdict on July 10, he added.
The case pertains to lenders moving the top court a year ago alleging Mallya violated various lower court orders by transferring $40 million received from British liquor firm Diageo in February 2016, to his children.
"As of now, we will wait to see if he appears before the Supreme Court...extradition proceedings are also on".
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Mallya was arrested on April 18 in London in response to requests by the Indian government because of charges of misappropriation of funds by him.
The banks have alleged that Mallya had concealed the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in "flagrant violation" of the orders passed by the Karnataka High Court.
India's top court has found a senior judge guilty of contempt and sentenced him to six months in prison. "Vijay Mallya was arrested on behalf of the Indian authorities in relation to the accusations of fraud", the Scotland Yard police released a statement as saying. Mallya had got $75 million from British company Diageo in form of a severance package for quitting chair of United Spirits.
The flamboyant businessman has been charged with cheating and conspiracy by the Central Bureau of Investigation or CBI that filed a 1,000-page charge-sheet against him for defaulting on a 900 crore loan taken from the IDBI bank in 2009.
His now defunct Kingfisher Airlines has dues of ₹9,432 crore and is considered as a wilful defaulter after it failed to pay back loans to a consortium of 13 banks.