Vijay Mallya’s Long Summer, as DRT Freezes Funds from Diageo
In a major setback to Vijay Mallya, the Debt Recovery Tribunal (DRT) on Monday said that the UB Group promoter will not be allowed to withdraw the $75-million payout from Diageo.
What exactly does this ruling mean?
We spoke with Pallav Pradyumn Narang, Partner, Tax and Advisory, Arkay and Arkay Chartered Accountants who explained the DRT order, delivered on a case filed by State Bank of India – the largest lender in the 17-lenders consortium to Kingfisher.
(The writer, Pallav Pradyumn Narang is a Partner, Tax and Advisory, at Arkay and Arkay Chartered Accountants.)