Diageo News

Diageo is seeking a total of USD 175 million from the 63-year-old businessman and was successful in one aspect of that claim as it was awarded a "summary judgment" by Justice Robin Knowles, who dismissed Mallya's reliance on an alleged oral promise from Diageo dating back to February 2016.

India`s top court imposed a ban on liquor outlets within 500 metres of national and state highways in April, a move that could impact revenue for liquor makers such as Diageo and Pernod Ricard.

Diageo's agreement with Mallya also provided for the five-year global non-compete, non-interference, non- solicitation and standstill commitments.

British liquor giant Diageo has decided to withhold remaining USD 35 million due to Vijay Mallya as part of the USD 75 million (Rs 515 crore) sweetheart deal for his exit from United Spirits Ltd, a source familiar with the development said.  

United Spirits Ltd (USL) plans to sell 13 properties, earlier owned by its former Chairman and promoter Vijay Mallya, who has failed to buy back within an agreed deadline.

The transfer of USD 40 million Vijay Mallya had received from British firm Diageo to his three children reflected the beleaguered businessman's intent to put the funds beyond the reach of the courts, the Supreme Court has said.

The Supreme Court on said it would hear next week the plea of a consortium of banks that USD 40 million, which liquor baron Vijay Mallya had allegedly transferred to his children, needed to be brought back.

Vijay Mallya-led United Breweries Holding Ltd (UBHL) today said it is reviewing SEBI's order barring the beleaguered businessman and six former officials of United Spirits (USL) from securities markets in a case related to alleged fund diversions and will take "appropriate action".

Sebi is all likely to order additional payout for small investors through a fresh open offer concerned over the 'loss' caused to United Spirits' minority shareholders due to $75-million sweetheart deal between its erstwhile promoter Vijay Mallya and new owner Diageo.    

The Supreme Court will hear the detailed affidavit about the assets of liquor baron Vijay Mallya on Thursday.

The court also told Mallya to disclose what he did with USD 40 million he had received from Diageo.  

In brewing troubles for Diageo, markets regulator Sebi is mulling directing the British liquor giant to make additional payment to United Spirits' minority shareholders from whom it had acquired shares under an open offer in 2013 to compensate them for some 'preferential' treatment to the erstwhile promoter Vijay Mallya.

A day after United Spirits disclosed Rs 1,225 crore fund diversion by the erstwhile promoters to entities linked to Vijay Mallya, the embattled businessman today said all transactions were "legal and above board" and the company was now making "unfounded allegations".

Finance Minister Arun Jaitley has said that absconding liqour baron Vijay Mallya has hurt the system as well as his own class of businesses.

In another blow to beleaguered businessman Vijay Mallya, the Debt Recovery Tribunal (DRT) Tuesday directed New-York based J P Morgan Bank not to disburse to him USD 40 million of the USD 75 million sweetheart deal struck between him and Diageo PLC.

The Debt Recovery Tribunal (DRT) on Tuesday directed Diageo Plc not to disburse USD 40 million of the USD 75 million deal to Vijay Mallya.

In what could further tighten Vijay Mallya's position, Diageo has submitted the settlement agreement to debt recovery tribunal (DRT).

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Beleaguered liquor baron Vijay Mallya Wednesday announced he will retire as Chairman of Sanofi India and will not seek reelection as a director of the drug maker, nearly a month after he signed a sweetheart deal with Diageo to step down as Chairman of United Spirits Ltd.