The apex court directed Mallya, who is presently in the United Kingdom, to appear before it on July 10 to argue on the quantum of punishment in the matter.
India had recently asked Britain to ensure early extradition of Mallya, who is an accused in a bank loan default case of over Rs 9000 crore involving his defunct Kingfisher Airlines.
"We have found respondent number 3 (Mallya) guilty of contempt of court on two grounds," a bench comprising Justices A K Goel and U U Lalit said.
The order came on a plea by consortium of banks led by the State Bank of India (SBI), which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in "flagrant violation" of various judicial orders.
The apex court had on March 9 asked the liquor baron about the "truthfulness" of his disclosure of assets and the transfer of money to his children.
The bench had reserved its order on two pleas of lending banks seeking contempt action and a direction to Mallya to deposit USD 40 million received from offshore firm Diageo respectively.
The banks have alleged that Mallya 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.
The bench had also posed several queries to consortium of banks and asked it whether any criminal proceedings have been initiated against Mallya.
The court had asked Mallya as to why he did not disclose the receipt of $40 million from London-based company Diageo Plc and subsequent transfer of money to trusts to which his three children were the beneficiaries.
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