Vijay Mallya, the fugitive former head of Indias United Breweries and United Spirits, is bankrupt.
The 65-year-old, who lost his final court battle against extradition to India in May 2020, was formally declared bankrupt in the London High Court yesterday. The ruling has immediate effect.
Mallya is required to hand over his remaining assets, as well as his bank and credit cards to a bankruptcy trustee who will investigate his affairs and establish his true assets and liabilities, with a view to selling assets and repaying creditors. They include both United Spirits and Diageo, its parent company.
Legally he must cooperate with the trustee. All his bank accounts will be frozen, apart from money to buy essentials. He is banned from actin…
Read the full article at: https://www.thedrinksbusiness.com/2021/07/vijay-mallya-has-been-declared-bankrupt/
