London, May 24
In another setback to Vijay Mallya, the UK High Court on Friday directed the embattled liquor tycoon to pay British beverage giant Diageo over $135 million in relation to a collateral arrangement.
Diageo is seeking a total of $175 million from the 63-year-old businessman and was successful in one aspect of that claim as it was awarded a “summary judgment” by Justice Robin Knowles, who dismissed Mallya’s reliance on an alleged oral promise from Diageo dating back to February 2016. He said an oral promise over-rides any claim of such a payment.
Over and above the $135 million, Mallya is liable to pay interest incurred at a commercial rate as well as £2,00,000 towards legal costs. — PTI
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