Karnataka HC seeks probe into fund diversion by United Spirits.
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.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
Asked to quit United Spririts' board, Vijay Mallya struck a defiant note saying he 'intends' to continue as its Chairman.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
With United Spirits all set to be acquired by Diageo, there aren't too many local spirits barons of significance and stature left.
Q&A with UB Group chairman Vijay Mallya on Diageo deal
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
Diageo gets assurance, Heineken may seek one, too.
All companies stock price surged on the news that UB Group has reached a deal with the world's largest spirit maker Diageo for a stake sale.
By framing the right question, Satya Nadella directed his team's attention to searching for the right answer, which opened up a treasure trove of new business opportunities, which would have remained undiscovered but for framing the right question.
Shutting of stores had not stopped alcohol sales. On the contrary, it had increased black market operations and peddling of illicit hooch, which could cause death/serious injury.
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.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
Stir up these cocktails and warm your taste buds this party season.
With this, Heineken's stake has risen from 39% to 42.2%.
The agency did not seek a reappointment in FY12.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
The Supreme Court on Monday dismissed a plea of fugitive businessman Vijay Mallya seeking review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
Liquor baron Vijay Mallya said on Wednesday that his UB Group will overtake Diageo as the world's largest spirits maker by the next fiscal. "This (fiscal) we will be selling 102 million cases of nine litres each. Next year we will be the single largest spirits company in the world," Vijay Mallya said.
Cobra Beer, the Indian-themed lager brand, is prepared to split its UK and Indian businesses and sell them to separate buyers as its founder, Lord Bilimoria, seeks $274m for the group.
McDowell's, the whisky brand owned by USL, sold 19.27 million nine-litre cases of Indian made foreign liquor whisky in 2012, compared to Officer's Choice whisky, owned by the Chhabria-led Allied Blenders & Distillers, which sold 18.55 million cases.
Credited with introducing eight new brands from the stable of the world's largest liquor maker Diageo Plc, Asif Adil, the managing director of its India subsidiary, Diageo India Pvt Ltd, has set himself a target of achieving a sales turnover of over Rs 4,000 crore (Rs 40 billion) in India in three years.
Brokerages expect better financials as management is determined to improve profitability.
Bartending is an art that also pays very well. A bar tender on an average earns anywhere between Rs 500,000 to Rs 900,000 in India.
Banks who had lend to Kingfisher Air are finding it difficult to recover dues.
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.
The new Diageo management had asked Vijay Mallya to step down.
Auditors and promoter entities linked to the UB Group have come under scanner of multiple regulatory agencies for alleged irregularities.
Sebi has now proposed that the Companies Act should also clearly mention that a person should vacate the office of a director if it orders his or her disqualification.
Nearly 700 of the 1,500 employees, who still claim to be on the payroll of the defunct airline, are women.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
In a conversation with Business Standard after an eventful annual general meeting of Kingfisher, he clears the air on many aspects.
Mankekar has significant stakes in USL, Talwalkars, etc, but the worth of his overall holdings isn't known.
Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
However, foreign investors have completely shunned the infrastructure sector.
In a filing to the Bombay Stock Exchange (BSE), USL said it had made a recommendation to the board of subsidiary United Spirits to consider the sale of the entire share capital of Whyte & Mackay.
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