Bangalore, May 17: In a fresh blow to beleaguered businessman Vijay Mallya, the debt recovery tribunal (DRT) today directed New-York-based JP Morgan Bank not to disburse to him $40 million of the $75-million sweetheart deal struck between him and Diageo Plc.

During the proceedings, the DRT here also took the bankers to task for not exercising due diligence and taking appropriate action to prevent Mallya from receiving $40 million.

 

The tribunal also directed New York-based JP Morgan Bank to "attach" (submit) before it the statements of accounts held by Mallya in the bank there.

DRT presiding officer C.R. Benakanahalli directed companies, including Watson Ltd, a Mallya-affiliated firm, to submit shares before the tribunal.

The directions until further orders came during the hearing on two applications filed by the consortium of banks led by the SBI.

Meanwhile, United Breweries has withheld a dividend payout of nearly Rs 12 crore to chairman Vijay Mallya in a clear indication that the beer giant doesn't want to fall foul of a DRT directive.

In its result for the year ended March, the company said the payout was being held back to comply with a DRT directive, which had in September asked it not to make any payment to Mallya following petitions filed by the lenders.

"The company has been directed not to pay/release amounts that may be payable with respect to shares in the company held by a director (including his joint holdings) and United Breweries (Holdings) Ltd without its (DRT's) prior permission," United Breweries said in a statement filed with Sebi

In its financial results, the company has recommended 115 per cent dividend, which is Rs 1.15 per equity share of Re 1 for 2015-16.

On the basis of his own holding of 2,13,53,620 shares in United Breweries as on March, the dividend payable to Mallya is Rs 2.4 crore for the last fiscal.

United Breweries' nine promoter entities, including Mallya, have 8,11,88,930 shares in the company and the total dividend payable would be Rs 9.33 crore.