Diageo challenges PMLA court’s order on USL shares
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Synopsis
The British liquor major is challenging the PMLA court’s order that allowed last month the plea of the SBI-led consortium to restore to it Vijay Mallya’s properties collectively worth Rs 5,600 crore, including movable and immovable assets. The pledged properties also include shares of United Spirits.
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Diageo Holdings Netherlands has challenged the order of a special Prevention of Money Laundering Act (PMLA) court, seeking possession of shares worth Rs 3,100 crore in
United Spirits now awarded to lenders. The company wants the Bombay High Court to quash the PMLA court’s order, arguing that it has a prior lien on those securities.