• Tuesday, November 29, 2022

Business

Vijay Mallya refutes diversion of funds allegations

Mallya Vijay denies accusation of wrongdoing

By: Eastern Eye Staff

BELEAGUERED Indian businessman Vijay Mallya has insisted all his transactions at United Spirits Limited (USL) were “legal and above board” after the company disclosed in a stock exchange filing that company funds were diverted. Mallya has been living in the UK for the past four months while authorities in India seek his arrest as several banks there have declared him a “wilful defaulter” for non-payment of dues worth over `90 billion by his now-defunct Kingfisher. In February, the 60-year-old businessman struck a settlement with USL and under the “sweetheart deal”, he was promised a payout of `5bn to leave the…

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