Vijay Mallya is facing criminal charges for defaulting over Rs6,000 crore in loans. Along with interest and penalties, he owes over Rs9,000 crore to lenders including the SBI, Axis Bank and IDBI Bank among others. Photo: ReutersBengaluru: United Breweries (Holdings) Ltd chairman Vijay Mallya, at the centre of a money laundering probe, told shareholders on Thursday he was confident that charges against him will be dropped, hours after the company posted an over-13-fold rise in net profit. Mallya is facing criminal charges for defaulting over Rs.6,000 crore in loans. At an AGM earlier this month, United Breweries Ltd expressed its confidence in Mallya by announcing that he will continue as the company’s chairman.

Source: Mint September 29, 2016 14:19 UTC