Diageo has challenged an order of Indias Prevention of Money Laundering Act court, which permitted the sale of assets seized from Vijay Mallya to repay a consortium of banks some of the 1.15 billion they claim he owes to them.
Last month the Indian courts allowed the sale of shares Mallya held in United Breweries and United Spirits worth more than 600m but Diageo, through its Dutch subsidiary, contends it has a prior claim to some 30m worth of the USL shares and has been given three weeks by the court to press its case.
Diageo has previously told its shareholders that it laid claim to the shares as part of a complicated loan to Watson Ltd, the company behind Mallyas Formula 1 grand prix racing team, originally granted by…
Read the full article at: https://www.thedrinksbusiness.com/2021/07/diageo-challenges-usl-share-sale/
