Debt Tribunal Act stops Diego fund flow to Mallya
Tribunal orders Diego plc, British liquor not to pay Mallya.The fund flow is to be stopeed till the case is settled with him.In a setback to industria...
- Tribunal orders Diego plc, British liquor not to pay Mallya.
- The fund flow is to be stopeed till the case is settled with him.
In a setback to industrialist Vijay Mallya, the Debt Recovery Tribunal (DRT) on Monday ordered British liquor major Diageo plc not to pay him the $75 million (Rs.504 crore) agreed as a severance package to quit its Indian arm United Spirits Ltd till the case against him before it is decided.
"The presiding officer of the tribunal (R. Benkanahalli) ordered temporary attachment of the severance package amount and directed Diageo not to pay it till our case is finally heard and disposed of," a SBI counsel told reporters here.