UB Group chairman Vijay Mallya on Thursday said the sum of $40 million received towards the $75-million debt settlement with London-based liquor major Diageo Plc in February has been transferred to his three children through gift settlements. Mallya had received a payment of $40 million out of a $75 million package from Diageo following his resignation as chairman of United Spirits Ltd in February. The response came after repeated court orders asking Mallya to disclose complete details of his overseas assets till date, including the $40 million received from Diageo. Last week, the Karnataka high court ordered the winding up of Kingfisher Airlines Ltd (KFA). Mallya and KFA, which owe a consortium of 17 banks Rs9,091 crore.

Source: Mint November 24, 2016 19:12 UTC