Vijay Mallya's default loans stint has come right over and bit him in the behind, with his US-based brewery firm Mendocino Brewing Company Inc pressing him for a $1 million loan promised by his holding firm United Breweries Holding Ltd. "Vijay Mallya, the company's chairman and indirect majority shareholder, is presently subject to certain legal proceedings in India, which may impair the company's ability to obtain financing from UBHL and other potential funding sources."
Probably the first admission by the firm which currently struggles for funds and has been served 'default' notices by lenders in the past, Mendocino said if it fails to secure funds, the lenders might take "recourse against the applicable pledged collateral which includes the company's real and personal property in the US and the UK."
