Bengaluru: Vijay Mallya has not only fled, he has also already taken the money the Debt Recovery Tribunal tried to keep away from him; purely because, the first tranche of $40 million (around Rs 275 crore) has already been given to him as payout agreement on February 25. The deal had caught SBI and other banks unaware.
According to the highlights of the agreement as listed on the Diageo declaration to London stock exchange, $75 million dollars (Around Rs 500 crore) was decided as settlement payout, of which $40 million (around Rs 275 crore) was paid as first tranche immediately on February 25. The remaining payout is slated to be paid in equal installments over the next five years.
The civil suits/disputes between Mallya and USL have been put an end to. They had agreed to drop all charges against him.
An almost riddle like clause in the agreement says, "UBHL has indicated that it may be prevented from agreeing to terminate the Shareholders Agreement immediately by reason of certain legal and court restrictions which may apply as a result of winding-up proceedings to which it is subject in India. Diageo understands from UBHL that it proposes to seek court leave for an agreed termination of the Shareholders’ Agreement and Diageo has received certain undertakings in this regard from Dr Mallya."
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