Mallya refutes allegations on fund diversion

LONDON: A day after United Spirits disclosed ₹1,225-crore fund diversion by erstwhile promoters to entities linked to Vijay Mallya, the businessman on Sunday said

LONDON: A day after United Spirits disclosed ₹1,225-crore fund diversion by erstwhile promoters to entities linked to Vijay Mallya, the businessman on Sunday said all transactions were “legal and above board”. and the company was now making “unfounded allegations”. Diageo, to whom Mallya-led UB Group had sold majority control in United Spirits Ltd (USL) in 2013, had conducted an extensive due-diligence before buying the shares, and it was “surprising and unfortunate” that these allegations were being made now, he added.

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