The UK Home Secretary will have to sign Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
Here's the full text of the statement
Hot models, celebrities and sunglasses -- here's a look at the launch of the Kingfisher Calendar 2010.
Heineken, among the world's top brewing firms, had been in protracted negotiations with UB, India's largest brewing firm and owned by billionaire Vijay Mallya. However, according to UB sources, Heineken is understood to have now agreed to bring Asia Pacific Breweries' India operations into the UB fold, thus ending the year-long impasse.
The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League cricket tournament to make them comply with its service tax payment demands.
UB's beer brand will take on Bacardi's Breezer in the flavoured alcoholic beverage market.
Liquor-baron Vijay Mallya today virtually asked the Gujarat government to lift prohibition in force in the state.
The government on Wednesday cleared 21 FDI proposals worth Rs 84.90 crore (Rs 849 million), most of which is likely to be brought in by the world's largest chemical company BASF through an open offer.
Besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused
Mahatma Gandhi's items, including his pocket watch, a pair of sandals, a plate, a bowl and his rimmed glasses, were sold at an auction by New York-based Antiquorum Auctioneers on Thursday. UB Group Chairman Vijay Mallya reportedly bought the items for $1.8 million.Preliminary reports suggested that Mallya may hand over the items to the Indian government.
Bharti Airtel and United Breweries have expressed interest in acquiring, respectively, the Delhi and Bangalore or Mumbai teams in the impending Indian Premier League for Twenty20 cricket matches.
Talking about the company's portfolio expansion, APB-India CEO Ashwin Deo said, "Currently, we are looking at consolidating our presence and will look at introducing new products at various price points in the next eight to 10 months."
Minister for Tourism and Culture Ambika Soni is happy she could manage to bring the relics of Mahatma Gandhi back to India.Soni, a powerful leader of the Congress owing to her proximity to party president Sonia Gandhi, claimed that United Breweries chairman Vijay Mallaya had been selected to bid on the items.
"Vijay wanted to know if I was going to bid and I said I would," Chatwal said. "As I chatted with him it was clear to me that he too wanted to donate the items to the Navjivan Trust. I then decided I would not bid.
California-based Mendocino Brewing Company, which sells a number of beer brands including Kingfisher in the US, has got Mallya as its chairman and is owned by UB Group through a complex shareholding structure
The official liquidator said it would be in public interest that these properties are restored to him so that the interest of all creditors, including the applicant banks, can be "safeguarded".
A debt recovery tribunal in India ruled that Rs 6,200 crore of Vijay Mallya's dues -- Rs 5,000 crore as principal and Rs 1,200 crore as interest -- was payable. Mallya claims that out of the sum due, Rs 3,000 crore had already been recovered by the claimants.
The final hearing in the case at the London magistrate's court to extradite Mallya to India is scheduled later this month.
The total wine market in the country consists of 1.2 million cases, according to an industry estimate, of which the imported wine segment is a mere 22,000 cases or 20 per cent. Champagne Indage -- one of the biggest domestic players and producers of domestic wine under the Chateau Indage umbrella -- recently launched Indage Vineyards to bring in contemporary and new range of wines from across the globe to India.
A week after lenders invoked more of pledged shares, they did so again.
The US Federal Aviation Administration has yet to certify Epic's planes. The company manufactures private business jets with single and twin engines, capable of carrying six to seven people.
The company informed the Bombay Stock Exchange that its board was scheduled to meet on September 28 to consider the proposal to issue further equity shares to existing shareholders on a "rights" basis.
United Spirits Ltd will launch five brands in China as part of its entry into the communist country's market.
Jet's supremacy has now been challenged by a nimble and aggressive Kingfisher which, in just two years and following Mallya's buyout of Air Deccan, is commanding the same market share as Jet Airways and Jetlite.
Continuing with his acquisition juggernaut on foreign shores, liquor baron Vijay Mallya of United Breweries Group has now set his sights on New Zealand based company Independent Liquor Ltd.
The new Diageo management had asked Vijay Mallya to step down.
Vijay Mallya's United Breweries has held a vice-like grip over the Indian beer market with the Kingfisher, Kalyani and Sandpiper brands. With 137 million cases (12 bottles each), it has a 45 per cent market share. But now multinationals are closing in on UB.
Mallya has said he will raise this issue in Parliament.
Heineken's joint takeover of Scottish & Newcastle could put the Dutch group in a position to try to take over the British brewer's fast-growing Indian partner, United Breweries, which is controlled by Indian billionaire Vijay Mallya, writes Joe Leahy in Mumbai.
This is part of a worldwide deal under which S&N's global operations will be jointly acquired by Danish beer giant Carlsberg and Heineken for $15.4 billion. Under an agreement reached by three companies involved in the deal, Heineken will take over S&N's India operations.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
In a move that could change the sweepstakes in the Indian beer market, brewing giant SABMiller plans to acquire rival Scottish & Newcastle in a $12.8 billion deal, the Sunday Express said on Sunday.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
Continuing its global acquisition drive to become the numero uno liquor player, Vijay Mallya's United Breweries is believed to have made a bid for a part of Australian giant Foster's presumably valued at $234 million.
Liquor baron Vijay Mallya, facing probe in a loan default case of IDBI bank, apparently managed to leave the country in spite of a look-out notice against him by CBI.
What's common between Vijay Mallya, Ratan Tata and L N Mittal besides the fact that they are all India-born entrepreneurs looking to dominate global business? All three are victims of economic patriotism in foreign soil.
United Breweries Group Chairman Vijay Mallya said on Friday his group was eyeing acquisition of a large Scottish whiskey company, with an enterprise value of around Rs 4,000 crore (Rs 40 billion).
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