• Wednesday, May 25, 2022

Business

Mallya barred from withdrawing UB bounty

By: Eastern Eye Staff

IN A fresh blow to beleaguered Vijay Mallya, the Debt Recovery Tribunal on Monday (March 7) barred him from withdrawing $75m exit payment from British liquor giant Diageo till the disposal of Kingfisher Airlines’ loan default case filed by SBI. Diageo and United Spirits Ltd, owned by the UK-based firm, have also been restrained by DRT Judge Benakanahalli from temporarily disbursing the amount to Mallya, who worked out the deal under a severance package. The tribunal ordered that the amount be attached till the disposal of the original application filed by State Bank of India in 2013. In his order…

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