Europe & UK

October 03, 2019

London Court Orders Mallya To Pay 150K British Pounds To Company Which Got Sponsorship For His Formula 1 Team


[ By Bobby Anthony ]

Vijay-Mallya

A London commercial court has ordered absconder and willful defaulter to pay 150,000 British Pounds to AMP Marketing.

AMP Marketing is an intermediary which had secured Mallya’s Force India Formula 1 Grand Prix team, a sponsorship worth more than 1 million British Pounds, from an Austrian water company in 2017. AMP was supposed to receive a 12% commission on the deal, which Mallya failed to pay.

The commercial court based in ruled that it found some of Mallya’s evidence under cross-examination “unconvincing”.

It may be recalled that Mallya’s Force India team collapsed into administration before the 2018 Grand Prix season and was purchased by Canadian billionaire Lawrence Stroll, who renamed it Racing Point.

Mallya’s final appeal against extradition to India where he faces charges of fraud and money laundering involving an amount worth 1.15 billion British Pounds is set to be heard in February 2019.

However, in the meantime, Mallya remains on bail with his assets frozen worldwide, though he continues to consistently deny all charges.

Related Post

latest News

  • The Constitutional Challenge To Abrogation Of Article 370: Day 2 Of Hearing Before The Constitution Bench Of The Supreme Court Of India

    Hearing before the Hon’ble Supreme Court continued for the second day today. In the morning, Mr. Ramachandra started by contending that the impugned...

    Read More
  • The operation of the Rent Act cannot be extended to a ‘tenant-in-sufferance’ vis-à-vis the SARFAESI Act: Supreme Court

    The Supreme Court bench of Justices N.V. Ramana, Mohan M. Shantanagoudar and Indira Banerjee held that the operation of the Rent Act cannot be extende...

    Read More
  • SAT refuses relief to lenders in Karvy case

    The Securities Appellate Tribunal (SAT) refused to give any further respite to HDFC Bank, ICICI Bank, Bajaj Finance and Indusind Bank in the Karvy Bro...

    Read More
shares