UB Group's Vijay Mallya gets reprieve from court appearance

Posted online: Wednesday, Sep 18, 2013 at 0000 hrs
Bangalore : In what will bring relief to UB Group chairman Vijay Mallya, the Karnataka High Court on Tuesday kept in abeyance its direction to Mallya to appear personally before it. The court, on Monday, had ordered Mallya to be present with his passport over non-compliance of its order permitting the sale of shares to Diageo Plc.

The reprieve for Mallya came after the counsel for United Breweries (Holdings) Ltd) sought a week's time to comply with the court's order to submit an audited statement of the utilisation of the money received by the company from the Diageo deal.

Meanwhile, UBHL said it would seek the court's permission to access funds to pay KFA employees. In August, while hearing an appeal, the Karnataka HC had ordered UBHL not to sell, transfer or part with its assets. It also directed the company not to withdraw R379 crore, the balance from the Diageo proceeds, without the court's permission.