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Mallya suffers legal setback in F1 sponsorship case
India's Supreme Court has rejected an appeal by Vijay Mallya to overturn charges against him for allegedly violating foreign exchange rules, adding to the legal challenges facing one of the country's most prominent businessmen. The country's enforcement directorate, responsible for fighting financial crime, has alleged Mallya entered into an unauthorised agreement in 1995 to advertise the Kingfisher beer brand name on racing cars during Formula One championships between 1996 and 1998. Mallya is chairman of United Breweries which makes Kingfisher beer and is now around 40 percent owned by Dutch brewer Heineken. The directorate has said he did the advertising deal without seeking permission...
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9y ago from GrandPrix247.com
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