A week after lenders invoked more of pledged shares, they did so again.
IDBI Trusteeship Services, in its capacity as the lenders' trustee to Kingfisher Airlines, has invoked a little over 4.93 mn shares worth Rs 1,300 crore.
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
At the beginning of this year, his stake in the airline stood at 30.14%.
He manages to get back a majority of pledged shares.
Russi Mody could cut across hierarchy to communicate what he wanted.
The Goa Foundation started filing writ petitions before the Bombay High Court from 1992 onwards against several mining companies.
Infra major GMR is hopeful of maintaining strong order book.
The idea is to make unexceptionable broad promises so as to have the maximum freedom to devise policies if and when the opportunity arises, says Subir Roy.
The initial misadventure of an individual AAP leader highlights how the party not only has to bone up on tactics but should also constantly look within to root out ingrained and inherited prejudices, says Subir Roy.
Diageo, the world's largest distiller, has been focusing on compliance at United Spirits Ltd (USL) after its acquisition of a controlling stake in India's largest spirits maker.
The sale came when Mallya was trapped in a sea of debt, mainly as a result of the losses his now grounded carrier, Kingfisher Airlines, had been piling.
The company hires Accenture for financial re-engineering, including slashing of debt ratios; changes to be visible soon
Soon after acquiring strategic management control of Vijay Mallya's crown jewel, United Spirits, Diageo has swung into action, making up for years of lost time in trying to figure out the Indian market.
The company is close to buying 1-million square foot office space for Rs 700 crore in Bengaluru.
.jpg)
According to data reviewed by Business Standard, the dues from UB Holdings alone to USL shot up by 4.3 times to Rs 1,188 crore (Rs 11.88 billion) by the end of the last financial year, compared to an outstanding of Rs 272 crore (Rs 2.72 billion) by the end of FY12.
As concern about the unfolding economic crisis has risen in India, many experts have assured us that 2013 is not 1991.
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
Capt Gopinath, in a deperate bid to fend off a possible auction of his prime residential property in Bangalore by State Bank of India, which had earlier issued notices to sell his pledged properties to recover as much as Rs 259 crore (Rs 2.59 billion), has struck a deal with Sobha Developers to raise funds.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances