Companies & Sectors
Diageo files objections against tribunal order in Mallya case
Bengaluru : British liquor major Diageo Plc on Tuesday filed objections against the Debt Recovery Tribunal's March 7 order to stop paying liquor baron Vijay Mallya $75 million (Rs.515 crore) as part of its severance package.
 
Tribunal presiding officer Justice C.R. Benakanahalli posted the case for hearing to April 13 after recording objections filed by Diageo and other defendants, including United Spirits Ltd (USL), in which it has controlling stake, Standard Chartered Bank and Unit Trust of India Investment Advisory Services Ltd.
 
The tribunal passed the interim order on an application filed by State Bank of India (SBI) on February 26, a day after Diagio signed a deal with Mallya for resigning as chairman and non-executive director of USL and not competing with it in the spirits business worldwide over the next five years.
 
The order also attached the package amount till the tribunal heard the case finally heard and disposed of the original application the SBI-led consortium filed before it in June 2013 against Mallya, his now-defunct Kingfisher Airlines for defaulting on loans amounting to Rs.9,091 crore, including interest.
 
Diageo, however, confirmed to IANS on March 9 that it had paid Mallya $40 million (Rs.275 crore) on February 25 as part of the $75 million package, with the balance ($35 million) to be paid in equal instalments over the next five years.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Complaints against 51 advertisements in January upheld: ad watchdog
Mumbai : The advertising industry watchdog's Consumer Complaints Council (CCC) said on Tuesday it has upheld complaints against 51 advertisements in categories of healthcare, e-commerce, education, food and beverages out of 102 in January for either misleading consumers or not able to substantiate their claim.
 
"Out of 51 advertisements against which complaints were upheld, 13 belonged to the education category, 12 to the food & beverages, followed by 11 in the healthcare, 6 in the e-commerce and 9 advertisements from other categories," the Advertising Standards Council of India (ASCI) said in a statement. 
 
"The CCC found the claims in health care and personal care product or service advertisements of 11 advertisers to be either misleading or false or not adequately/ scientifically substantiated and hence violating ASCI's code," it said.
 
It said some of the health care products or services advertisements also contravened provisions of the law.
 
In the education category, the CCC found claims in 13 advertisements were not substantiated and thus, violated ASCI guidelines for advertising of educational institutions.
 
Regarding the advertisement of Rice Education, which stated, "The Best Training for Government Jobs Examination", the Council said: "The claim in the advertisement is an absolute claim and was not substantiated with supporting comparative data versus other institutes."
 
In regards to Uttam Dawakhana's advertisement, which claimed "with Vanaspati oil and unaniraambaan medicines, 100 percent satisfaction of sexual problems", the ASCI said: "The claim in the advertisement was not substantiated."
 
"Also, specific to the claims implying treatment for sexual problems, and advertisement visual implying enhancement of sexual pleasure, the advertisement is in breach of the law as it violates the Drugs & Magic Remedies Act." it said.
 
Among e-commerce category, for a advertisement of Ibibo Group P. Ltd. (redBus.in), the watchdog said: "The claim in the offer, 'Mumbai to Goa Rs. 350', is not substantiated with ticket reservation history corresponding to the period when the complainant visited the portal and is misleading."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Germany rules out debt relief for Greece
Berlin : German Chancellor Angela Merkel ruled out a debt relief for Greece after meeting International Monetary Fund (IMF) chief Christine Lagarde and leaders of other global economic organisations.
 
"In our opinion, it is not legally possible in the euro zone," Merkel said in a joint press conference with the leaders on Tuesday, Xinhua news agency reported.
 
A debt relief for Greece had been repeatedly rejected by German officials. Merkel's remarks on Tuesday followed a recent leak of a transcript suggested the IMF may threaten to pull out of Greece's bailout as a tactic to force European lenders to write down Greek debts.
 
The Washington-based IMF has not decided to join the third bailout worth up to 86 billion euros (about $97.9 billion) to Greece. 
 
It is waiting for review results of Greece's reform progress. On Tuesday, a new round of talks on the review started in Athens.
 
In Berlin, Lagarde said that "debt sustainability" was needed in Greece, urging the country to continue reforms.
 
Merkel told reporters that Germany wanted the IMF to take part in the bailout plan with the European Commission and the European Central Bank. The fund's participation was a condition for German lawmakers to approve the third Greek bailout last year.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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