Bengaluru: A day after United Spirits (USL) confirmed fund diversions to entities linked to former chairman Vijay Mallya, it was the turn of Diageo, which now controls India's largest distiller, to face some tough questions from shareholder activists. They highlighted inconsistencies in Diageo's dealings with Mallya, often at the cost of minority shareholders.
Anil Singhvi, co-founder of Institutional Investor Advisory Services (IIAS), said, "Diageo cannot play the victim card. They put a lid over grave concerns only to gain a foothold into the world's biggest whiskey market. We have been saying for two years that Diageo looks compromised."
On Saturday, USL disclosed to exchanges that additional inquiries have established a Rs 1,225-crore money trail to beneficiaries controlled by Mallya, which was possibly deployed for funding the Force India F1 team and the defunct Kingfisher Airlines. The company said it was committed to recovering the cash and would pursue all legal and regulatory options.
11/07/16 Avik Das & Boby Kurian/Times of India
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Anil Singhvi, co-founder of Institutional Investor Advisory Services (IIAS), said, "Diageo cannot play the victim card. They put a lid over grave concerns only to gain a foothold into the world's biggest whiskey market. We have been saying for two years that Diageo looks compromised."
On Saturday, USL disclosed to exchanges that additional inquiries have established a Rs 1,225-crore money trail to beneficiaries controlled by Mallya, which was possibly deployed for funding the Force India F1 team and the defunct Kingfisher Airlines. The company said it was committed to recovering the cash and would pursue all legal and regulatory options.
11/07/16 Avik Das & Boby Kurian/Times of India
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