Former liquor baron Vijay Mallya on Sunday denied his old company United Spirits Limited’s allegations that he had diverted funds worth Rs 1,225.3 crore between October 2010 and July 2014. “I can only reiterate that all transactions were legal, above board and approved by USL Auditors, the USL Board and shareholders,” he said in a statement, adding that Diageo had conducted an inquiry of its own before he sold USL’s shares to it, PTI reported.
“It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever,” he said. USL was controlled by Mallya’s United Breweries in the October 2010-July 2014 period.
In a filing to the Bombay Stock Exchange on Saturday, USL accused Mallya of fund diversion and illegal transactions amounting to Rs 1,225.3 crore. It named a number of firms associated with the businessman as beneficiaries, including the now defunct Kingfisher Airlines and his Force India Formula One team, among others.
Mallya, who has been in the United Kingdom since March, has been involved in a number of cases, including a money-laundering case and one related to unpaid loans. He owes 17 banks more than Rs 9,000 crore and was declared a “wilful defaulter” for non-payment of dues.
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