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 move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
The company hires Accenture for financial re-engineering, including slashing of debt ratios; changes to be visible soon
The sportswear major has picked the activity to encourage a community around it in colleges.
UB Holdings had appealed to the bench, of judges Dilip B Bhosale and B Manohar, to let it use Rs 13 crore (Rs 130 million) from a Rs 380-crore (Rs 3.8 billion) deposit to pay a month's salary to employees of the grounded airline and Rs 47 crore (Rs 470 million) to settle tax dues on capital gains made from the sale of a stake in United Spirits to London-based Diageo that got it Rs 1,460 crore (Rs 14.6 billion).
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.
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.
25% each in the holding company to give them indirect control of 17.5% each in GMR Infra
He is nominated to the investment, innovation and audit committees.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
Kiran Kumar Grandhi, 38, was earlier in charge of the urban infrastructure and highways business, which contributes five per cent of the Rs 10,000-crore revenue of GMR Infra.
This move to sell a part of its land holding in one of its SEZ is part of an overall move by GMR to exit some of its assets as part of its 'asset light -- asset right' strategy.
SBI, the country's largest lender, had recently issued public auction notices to sell Gopinath's pledged properties
The company will move swiftly to consolidate its recent acquisition of three distilleries and will also take a decision on setting up a Rs 650-crore two-furnace glass plant in Andhra Pradesh, said sources.
GMR Infra's exit from this project, expected this year, will mark the company's waning global presence after a very aggressive expansion.
Britannia's foreign presence is low; share of global operations to total revenues is just 5-8%.
Share purchase agreement awaits Karnataka HC decision on Kingfisher creditors' plea.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances