Washington: Liquor baron Vijay Mallya has got a total remuneration of about Rs 1.5 crore from two overseas companies for the year 2012, as the amount remained unchanged from the previous year.
The total remuneration of $263,700 (about Rs 1.47 crore) for 2012 included $1,20,000 for services rendered as Chairman of a company called Mendocino Brewing Company, the US-listed firm has disclosed in a regulatory filing here.
Besides, Mallya was paid 89,600 British pounds (about $143,700) by Mendocino's wholly-owned subsidiary, United Breweries International ( UK) Ltd for promoting its "products in the foreign territory outside the United Kingdom".
As non-executive Chairman of UBHL, Mallya was paid total sitting fees of Rs 1.4 lakh in the fiscal 2011-12, the latest year for which the information has been disclosed as yet.
The UB group is facing difficulties at its aviation venture Kingfisher Airlines for quite some time and it has been grounded since October 2012, primarily due to mounting debt and losses, as also non-payment of staff salaries.
The lenders of Kingfisher have been asking the promoters to infuse their own funds into the business, but no headway has been made despite numerous rounds of negotiations and the banks have now begun the process of recovering their loans.
07/04/13 Economic Times
