Karnataka HC rebukes Vijay Mallya, backs Diageo's UBL claim
India
The Karnataka High Court has called out Vijay Mallya for living large while Kingfisher Airlines's massive loans remain unsettled.
Even though banks have already recovered way more than the original ₹6,203 crore loan, the court said grabbing extra United Breweries (UBL) shares wasn't needed.
Instead, it sided with Diageo Holdings Netherlands BV, saying its claim to these shares is stronger.
Diageo wins 1st rights to UBL
The judges ruled that Diageo gets first rights to the UBL shares after it paid off the Standard Chartered Bank loan, overruling earlier decisions against Diageo.
They also allowed Diageo's appeal and set aside the tribunal orders.