Mallya’s woes hit his American beer company

  • PTI
  • Updated: May 24, 2016 10:14 IST

NEW YORK: Legal proceedings in India against beleaguered businessman Vijay Mallya has now come to haunt his US-based brewery firm, which is banking on $1 million bridge loan promised by his holding firm for survival. “Vijay Mallya, the company’s chairman and indirect majority shareholder, is presently subject to certain legal proceedings in India, which may impair the company’s ability to obtain financing from UBHL (United Breweries Holding Ltd) and other potential funding sources,” California-based Mendocino Brewing Company Inc said in a regulatory filing. The company has been served ‘default’ notices by lenders in the past.

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