Calcutta HC dismisses United Bank of India's decision on technical grounds
In his new role, chief Chinnakannan Sivasankaran's son Saravana is likely to manage 60% of the group's revenues
Diageo-led United Spirits pulls out one more lifeline from UB Holdings.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
According to various senior UB Group officials, the strategy of 14 power brands' focus is expected to be rolled out soon.
Diageo gets assurance, Heineken may seek one, too.
United Spirits had earlier forked out a loan of as much as Rs 1,350 crore to UB Holdings.
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Diageo, which recently coughed up a total of Rs 18,000 crore (Rs 180 billion) to take majority control of USL, seems to have a lot of faith in him.
After razing his ancestral bungalow, housed in an expansive 4.5-acres of prime location in the central business district of Bangalore, Mallya's attempt to unlock value in the land by building the luxury KingfisherTowers has been stalled.
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.
Infra major GMR is hopeful of maintaining strong order book.
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.
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