Last year, Vijay Mallya, the beleaguered liquor baron has got a pay package of over Rs 1.7 crore from his US-based brewery firm. The said brewery firm is also struggling for funds and has been served default notices by the lenders.
According to a report in PTI: More than half of Mallya’s total package for 2015 has been paid by California-based Mendocino Brewing Company Inc to him for promoting the company’s beer brands.
Mallya serves as Chairman of the board of directors of the company, which has an exclusive licence to brew and distribute Kingfisher Premium Lager in various countries. Besides, it produces and sells a number of craft beer brands.
United Breweries Holdings Ltd (UBHL), the holding firm of Mallya-led UB Group, is the indirect majority shareholder of Mendocino Brewing Company (MBC).
Mendocino’s North American operations primarily consist of brewing and marketing proprietary craft beers. Its foreign operations are conducted through wholly-owned subsidiary United Breweries International UK Ltd (UBIK) and a step-down unit Kingfisher Beer Europe Ltd.