Vijay Mallya takes Rs 1.7-cr pay package from US brewery

April 18, 2016

London/Washington, Apr 18: Beleaguered liquor baron Vijay Mallya got a pay package of over Rs 1.7 crore last year from his US-based brewery firm that itself is struggling for funds.

vm
The firm has been served “default” notices by lenders.
More than half of Mallya’s total package for 2015 has been paid by California-based Mendocino Brewing Company (MBC) Inc to him for “promoting” the company’s beer brands.

Mallya serves as the chairman of the board of directors of the company, which has an exclusive licence to brew and distribute Kingfisher premium lager in various countries. Besides, it produces and sells a number of craft beer brands.

United Breweries Holdings Ltd (UBHL), the holding firm of Mallya-led UB Group, is the “indirect majority shareholder” of MBC.

Total compensation

In its annual Form 10-K filing for the year 2015, submitted with the US markets’ regulator SEC, MBC has disclosed that Mallya was paid a total compensation of USD 256,900 (about Rs 1.71 crore), unchanged from the previous year. “Vijay Mallya, chairman of the board, is paid $120,000 per year by MBC for services rendered as chairman, and 89,600 British pound per year by UBIUK for promoting our products in the foreign territory outside the United Kingdom,” it said.

MBC’s foreign operations are conducted through wholly-owned subsidiary United Breweries International UK Ltd and a step-down unit Kingfisher Beer Europe Ltd.

The two largest shareholders of Mendocino are United Breweries America (UBA) and Inversiones, both of which are controlled by Rigby International Corp, which in turn, is a wholly-owned subsidiary of UBHL.

Charges denied

Meanwhile, Mallya’s UB Group “strenuously denied” the allegation by the Enforcement Directorate that he siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad.

Mallya & MBC

Mallya serves as chairman of the board of directors
He was paid a total compensation of USD 256,900 (Rs 1.71 cr)
The liquor baron controls over 68% shareholding held through UBHL in MBC
MBC, in financial trouble, is exploring options including mergers and asset sales

RBS to terminate credit line to KF Beer

Vijay Mallya’s troubles do not seem to be limited to India, with the global banking major RBS planning to terminate next month a credit line and all other banking services provided to his European beer venture, PTI reports from London.

This has forced Kingfisher Beer Europe Limited, owned by Mallya through a complex web of entities, to look for alternative avenues to replace the credit line.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 17,2024

modiliar.jpg

New Delhi: In fresh claim, Prime Minister Narendra Modi on Friday said that his government sent an envoy to Israel urging them to stop the airstrike in Gaza during Ramadan. He said that he urged Israel to maintain peace rather than engage in combat during the holy month.

In an interview with Aaj Tak, PM Modi said that his envoy told Israel they should not bomb Gaza, at least during the auspicious month of Ramadan.

"During the month of Ramadan, I sent my special envoy to Israel to meet and explain to Prime Minister (Benjamin Netanyahu) that he should not carry out bombings in Gaza during Ramadan. They made every effort to follow it, but in the end, there was a fight for 2-3 days," he said.

The Prime Minister said that he does not publicise such things even though people in India keep "cornering him on the Muslims issue".

PM Modi said that some other countries also tried to speak to Israel to halt the bombings and may have also achieved results.

"They may have got the results too. I also tried," he said.

During the interview, PM Modi also said that he made standalone visits to both Israel and Palestine, unlike earlier governments which used to display token secularism.

"There was a fashion earlier that if one has to go to Israel, a visit to Palestine is a must. Do secularism and come back. But I refused to do it," he said.

The Prime Minister also recounted an episode when he needed to travel to Palestine via Jordan.

"When the President of Jordan, who is a direct descendent of Prophet Muhammad, came to know that I am going to Palestine over (the airspace of Jordan), he told me 'Modi ji, you cannot go like this. You are my guest and will use my helicopter'," Modi claimed.

Describing the unique amalgamation of circumstances, he continued, "I went to his home for dinner, but the helicopter was of Jordan, the destination was Palestine, and I was escorted by Israeli flight attendants. All three are different but for Modi, all came together in the sky."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 8,2024

sampitroda.jpg

Congress leader Sam Pitroda has stepped down from the post of Chairman of the Indian Overseas Congress and his resignation was accepted by the party. Congress leader Jairam Ramesh took to X and announced that Sam Pitroda had decided to resign from the key post "of his own accord".

Pitroda had been under fire over his controversial remark that Indians in the East resemble the Chinese while those in the South look like Africans.

"We could hold together a country as diverse as India -- where people on East look like Chinese, people on West look like Arab, people on North look like maybe White and people in South look like Africans. It doesn't matter. We are all brothers and sisters," Pitroda said during an interview with The Statesman.

The Congress immediately distanced itself from Pitroda's remarks, terming them "unacceptable".

"The analogies drawn by Mr Sam Pitroda in a podcast to illustrate India's diversity are most unfortunate and unacceptable. The Indian National Congress completely dissociates itself from these analogies," Jairam Ramesh said in a post on X.

The BJP also hit out at the Congress over Pitroda's remarks and termed them "racist and divisive".

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 10,2024

brijbhushan.jpg

New Delhi: In a big blow to Brij Bhushan Sharan Singh, a Delhi court has ordered the framing of charges against the former Wrestling Federation of India chief in the sexual harassment allegations levelled by women wrestlers. The court has said there is sufficient evidence on record to do so, and the trial against him can now begin. 

Friday's order by the Rouse Avenue court comes days after the BJP decided not to repeat Mr Singh, who is the party MP from Uttar Pradesh's Kaiserganj, as the candidate from the constituency and decided to field his son Karan Bhushan Singh instead. 

The court has ordered the framing of charges under Indian Penal Code sections Ordered to frame charges against Brij Bhushan under sections 354 (outraging a woman's modesty), 354-A (sexual harassment) and 506 (criminal intimidation). The Delhi Police had filed a chargesheet against under these sections and one additional section - 354D (stalking) - on June 15 last year. 

Charges should also be framed against the former assistant secretary of the Federation, Vinod Tomar, under Section 506, the court said. 

Additional Chief Metropolitan Magistrate Priyanka Rajpoot said the charges will be framed against Mr Singh for sexually harassing five wrestlers and that he stands discharged in the allegations levelled by the sixth.

The six-time MP has been at the centre of a huge political storm since last year, when sexual harassment charges were levelled against him and protesters had hit the streets led by Olympic medallists Sakshee Malikkh and Bajrang Punia, as well as Commonwealth Games and Asian Games medallist Vinesh Phogat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.