No $75 million for Vijay Mallya

March 07, 2016 16:45

Debt recovery tribunal rules that Vijay Mallya can't use the $75 million money that he received as payout from Diageo.

The Debt Recovery Tribunal was supposed to deliver a verdict today on a plea by the State Bank of India to direct Vijay Mallya and Diageo Plc to deposit the $75 million (around Rs 500 crore) committed by the British liquor firm for a non-compete deal signed with the Indian liquor baron to exit the spirits business.

Mallya, who owes over Rs 7,200 crore to a consortium of banks led by State Bank of India, has objected to the plea by India's largest public sector bank seeking the money saying that the payments are being made to him as a person not to compete with Diageo in the liquor business.

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