Bengaluru: A day after United Spirits Limited (USL) alleged fund diversion by businessman Vijay Mallya from the company to its associates, the former chairman said “all transactions were legal.”
Mr. Mallya, in an e-mailed statement, said Diageo had done an extensive due diligence on USL before acquiring its shares.
British alcoholic beverages company Diageo had acquired controlling stake of USL in 2013.
It holds about 55 per cent stake in USL through its arm Relay BV. “I have absolutely no knowledge about this purported enquiry by E+Y nor the suggested allegations. Surprisingly neither the USL nor the Ernst & Young (E+Y) have given me any details of the allegations or any opportunity to respond,” said Mr. Mallya.
Mr. Mallya, who is in London, said: “Diageo conducted an extensive due diligence on USL prior to acquiring shares. It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever.”
10/07/16 The Hindu
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Mr. Mallya, in an e-mailed statement, said Diageo had done an extensive due diligence on USL before acquiring its shares.
British alcoholic beverages company Diageo had acquired controlling stake of USL in 2013.
It holds about 55 per cent stake in USL through its arm Relay BV. “I have absolutely no knowledge about this purported enquiry by E+Y nor the suggested allegations. Surprisingly neither the USL nor the Ernst & Young (E+Y) have given me any details of the allegations or any opportunity to respond,” said Mr. Mallya.
Mr. Mallya, who is in London, said: “Diageo conducted an extensive due diligence on USL prior to acquiring shares. It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever.”
10/07/16 The Hindu
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