Diageo To Pay Vijay Mallya Over Rs 515 Crore As Separation Fee
Flamboyant businessman Vijay Mallya will get $75 million (Rs 515 crore) from Diageo as part of an "agreement" for his exit from United Spirits, a company founded by his family and now run by the global liquor giant.
Besides, Diageo has agreed that Mallya will have no "personal liability" to the UK-based company in relation to the findings of the alleged financial irregularities at the company that had triggered an acrimonious fight between them.
These allegations, which surfaced after an internal inquiry, related to the period before Diageo acquired controlling stake in United Spirits Ltd (USL) from the Mallya family.
Under the agreement, Mallya will resign as Chairman and non-executive director of USL, as also from the boards of other USL group companies.
However, his son Sidd...