London: 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. Over and above the $135 million, Mallya is liable to pay interest incurred at a commercial rate as well as 200,000 pounds towards legal costs. "The court was clear in rejecting Dr Mallya's claim that there was a deal other than the one we signed. The remainder of the $175 million, including $40 million paid directly to Mallya, sought by Diageo will proceed to trial – expected at a much later date. Watson and CASL relied on an oral promise," Daniel Toledano, the barrister for Diageo, told Judge Knowles.
Source: Mint May 25, 2019 06:45 UTC