Vijay Mallya to Repay 945 Crores to British Beverage Giant Diageo

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On Friday, 25th May, UK High Court has ordered Vijay Mallya to repay 13.5 million dollars (945 crores) to British breweries company Diageo.

They have given 28 days’ time to pay the money. They link this case to Diageo’s acquisition of Mallya’s company.

Mallya’s lawyer had said that at the time of the agreement, Diageo had given an oral assurance he would not claim the money till the money dispute and crisis was resolved in India.

The court dismissed this plea. Mallya was not present in court at the time of the verdict

Different Cases of payment of Rs 280 crores

Diageo has claimed the payment on Mallya, his son Siddharth, and two of his family-related firms.

Diageo had paid the money to buy a controlling stake in Mallya’s company United Spirits Limited (USL) in February 2016. But, could not access the stock. The Stock Recovery Authority DRT acquired some of Mallya’s USL shares.

The claim of $4 million (Rs 280 crore)

The court will also run a case on the claim of $4 million (Rs 280 crore) which is related to this case. Diageo gave this amount directly to Mallya. In this way, he claimed to pay $17.5 million on Mallya.

They will hear the case in the UK High Court on 2nd July in the extradition case of Mallya.

Once the appeal has been dismissed. The Westminster court of London had allowed the retribution of Mallya last year.

The Home Secretary also approved it, against whom Mallya had appealed in the High Court.

Mallya has over 9,000 crores of outstanding Indian banks. His Kingfisher Airlines took loans from banks. Mallya fled to London in 2016. The Special Court of Mumbai (PMLA) has declared him a fugitive. Enforcement Directorate has attached its assets abroad and abroad.

VIJAY MALLYA WANTED IN CASES OF MORE THAN RS 9000 CRORES

Indian agencies had long been trying hard to extradite Vijay Mallya in cases of more than Rs 9000 crore and money laundering cases.

The liquor businessman Vijay Mallya, who was absconding with the loans of the banks, was declared a runaway by the PMLA court last week.

To declare Vijay Mallya a fugitive economic offender, the Enforcement Directorate had filed a petition in the court.

Also Read: AFTER TWO YEAR MOTHER DAIRY INCREASES THE PRICE OF MILK

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