You are here: Home » Topics » » Vijay Mallya » Videos

Vijay Mallya fined over Forex used for advertising in 1995 Formula One

Jul 13, 2015    

It seems that Sahara Force India's team principalVijay Mallya's troubles are far from over. After having sold hisbeer brand and having to shut down Kingfisher Airlines, Mallya has now been chargeda fine of Rs 10 lakh. According to the ED or Enforcement Directorate, Mallya had violated the rules of theForeign Exchange Regulation Act (FERA) while arranging funds for advertising his liquor brand in the 1995 Formula OneChampionship abroad.In 1995, Mallya had signed a contract with UK-based Benetton Formula Ltd for promoting Kingfisher in the F1 races in the country. The payments, apparently close ...

Read More