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.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
After being forced to resign as chairman of MCF, Mallya is now keen on increasing his stake in the company
Diageo gets assurance, Heineken may seek one, too.
The agency did not seek a reappointment in FY12.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
Ever since Diageo struck a deal to buy controlling stake in United Spirits Ltd, the two companies have pulled all stops to ensure the "dream combination" gets all the regulatory clearances.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
Few top honchos of India Inc did very well in 2014.
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