Vijay Mallya hurt the system, his own class of businesses: Arun Jaitley

Zee Media Bureau

New Delhi: Finance Minister Arun Jaitley has said that absconding liqour baron Vijay Mallya has hurt the system as well as his own class of businesses.

In an interview to the Hindustan Times, Jaitley said that he will support the banks although they are in “backfoot” given the way the Mallya episode has panned out.

Jaitley however acknowledged that “people must take money from banks, create jobs, and pay taxes”.

Meanwhile in another blow to Mallya, the Debt Recovery Tribunal (DRT) yesterday directed New-York based J P Morgan Bank rpt J P Morgan Bank not to disburse to him USD 40 million of the USD 75 million sweetheart deal struck between him and Diageo PLC.

During the proceedings, the DRT also took the bankers to task for not exercising due deligence and take appropriate action to prevent Mallya from receiving USD 40 million.

In addition, liquor firm United Breweries Ltd too has withheld dividends payable to its beleaguered Chairman Vijay Mallya for the financial year 2015-16 following the DRT's directions.

With PTI Inputs