8 MARCH 2015

Ø  In a setback to businessman Vijay Mallya, the Bengaluru Bench of the Debt Recovery Tribunal on Monday temporarily restrained U.K.-based Diageo Plc from paying $75 million to him as per the reported agreement signed with him. C.R. Benakanahalli, the presiding officer of the Bench, in his brief order also directed Mr. Mallya not to receive, temporarily, the money as per the agreement while stating that the sum would stand attached till further orders on the proceedings initiated by the banks to recover money borrowed by the Mallya-owned Kingfisher Airlines Limited. According to the banks, the total outstanding is now nearly Rs. 10,000 crore. The tribunal also directed Diageo and Mr. Mallya to provide particulars of their agreement to the banks led by the State Bank of India, which have sought a garnishee order claiming first right over the $75 million that Mr. Mallya is to get from Diageo. It was reported that Diageo had offered to pay $75 million (approximately Rs. 515 crore) to Mr. Mallya in a five-year period for stepping down from the post of Chairperson of United Spirits Ltd, which Diageo had acquired, and agreeing not to compete in business with it for a certain period. Though banks’ counsel sought early hearing of their other three pleas, including one for arrest of Mr. Mallya, the DRT adjourned proceedings to March 28.

Ø  Several ageing Pakistani fishing boats have been washing ashore in the Sir Creek area in Gujarat in the last few months, leading to much speculation in the security establishment. At least eight rickety wooden boats have been recovered in the past four months, officials said. Until November 2015, no such boats were recovered by the Border Security Force (BSF), which mans the swampy terrain.