If the offer is accepted, banks will have to take a haircut of about 30 per cent or Rs 2,500 crore of the total receivables of over Rs 9,000 crore.
The UB Group, which has interests in spirits, aviation and pharmaceuticals, is contemplating entering the organised retail sector leveraging on its Kingfisher brand name.
The money was paid to Mallya in two tranches in his offshore accounts.
The results are required to be disclosed by listed companies on stock exchange platform for benefit of investors.
Diageo gets assurance, Heineken may seek one, too.
UB will dilute a strategic stake of the merged entity; SWC board will be restructured.
Fresh trouble seems to be brewing for liquor baron Vijay Mallya, with Mumbai International Airport(MIAL) deciding to sell a mid-sized corporate jet owned by his group company.
Vijay Mallya-controlled UB Group's open offer for acquiring stake in liquor firm Shaw Wallace will begin on April 18, the manager to the offer said on Thursday.
Poddar-Mallya agreement on running MCF likely to be re-worked.
UB Group's Kingfisher Airlines, which is scheduled to launch domestic operations from April next, would sign a deal with European aircraft manufacturer Airbus Industries for supply of 14 aircraft in Mumbai on December 18.
Leaving behind rivalry over acquisition of shares of liquor company Herbertsons Ltd, the UB group and the Chhabrias on Monday agreed in the Supreme Court
Unconscious children being carried by parents in their arms, people laying on roads, health workers scrambling to attend to those affected by the styrene vapour leak and residents fleeing were some of the scenes that played out near Visakhapatnam on Thursday, bringing back grim memories of the 1984 Bhopal gas tragedy.
Kingfisher has faced lawsuits from GMR and GVK-group run airports and also faced cases of cheque bouncing.
The UB Group plans to export rum to the United Kingdom and the United States and position it as Indian Rum, with an initial shipment of 100,000 cases this fiscal.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
SBI is likely to register more FIRs to bring into the ambit of probe the additional Rs 3,100 crore loans from 10 other nationalised banks on which the company has allegedly defaulted.
Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
Mallya will now be the Founder Emeritus of USL
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Justice Ram Mohan Reddy asked Mallya to appear in court and bring along his passport.
Mallya holds a 32.86 per cent stake in United Breweries, after having ceded control to Dutch brewer Heineken in December last year.
In a conversation with Business Standard after an eventful annual general meeting of Kingfisher, he clears the air on many aspects.
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Lawyers say open offer must for twin stake purchase to meet Sebi rules.
Through the UB Group, Mallya holds 21.98 per cent stake in MCF.
UB Group-controlled carrier to convert short-haul domestic routes with less demand for business class to all-economy configuration.
Deepak Fertilizers plans to revise open offer price to beat Mallya-Poddar efforts
The low-profile chief of Deepak Fertilisers on Wednesday bought 24.46% shareholding in MCF.
Karnataka HC seeks probe into fund diversion by United Spirits.
On Monday, the ministry withdrew foreign traffic rights it had granted to Kingfisher Airlines.
The 14 banks, led by State Bank of India, which lent Rs 6,500 crore (Rs 65 billion) to the airline, are now involved in litigation over the money, as Mallya has sued them in multiple courts.
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