The Supreme Court today dismissed liquor baron Vijay Mallya's plea seeking quashing of criminal proceedings against him in a case pertaining to violation of foreign exchange rules
Vijay Mallya. File pic
The ED had alleged that Mallya violated the provisions of Foreign Exchange Regulation Act (FERA) in arranging funds to advertise his liquor products abroad over a decade ago.
The agency wanted to question Mallya in connection with a contract signed in December 1995 with London-based firm Benetton Formula Ltd for promotion of the Kingfisher brand abroad.
Mallya had allegedly paid 200,000 dollars to the British firm for displaying the Kingfisher logo in Formula One World Championships in London and some European countries in 1996, 1997 and 1998.
The money was allegedly paid without prior approval from the RBI in violation FERA norms.
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