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  1. Diageo Plc submits details of its agreement with Vijay Mallya to DRT

Diageo Plc submits details of its agreement with Vijay Mallya to DRT

On April 29, the DRT had pulled up Diageo for the delay in furnishing the details of its agreement with Vijay Mallya

By: | Bengaluru | Published: May 13, 2016 6:24 AM

British liquor giant Diageo Plc on Thursday submitted a copy of its agreement with UB Group chairman Vijay Mallya to the Debt Recovery Tribunal (DRT) Bengaluru. The counsel for Diageo handed over the document to the presiding officer of DRT justice C R Benakanahalli the details of the agreement entered into between Diageo Plc and Mallya on February 25.

On April 29, the DRT had pulled up Diageo for the delay in furnishing the details of its agreement with Vijay Mallya and directed it to submit the same on or before May 12. The details of the agreement were not disclosed by the Tribunal.

On February 25, Diageo signed a settlement agreement with Vijay Mallya and agreed to pay him $75 million (around R515 crore) in return for his resignation as non-executive chairman of United Spirits, the company built by Mallya.

Diageo has acquired majority control in USL. Mallya had also agreed for a non-compete clause for five years across the world except the UK market.

Mallya owes around Rs 9,000 crore including interest to a consortium of banks led by State Bank of India.

The DRT told counsels representing Mallya, SBI and other defendants to cooperate with the Tribunal in disposing off the case within two months as directed by the Supreme Court.

Justice Benakanahalli posted the case for final hearing on June 2.

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Tags: Vijay Mallya

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