Indian billionaire Vijay Mallya's move to rope in Diageo -- the world's largest spirits firm -- as a strategic partner in his flagship firm United Spirits has hit an anti-trust roadblock. The companies have been in discussions for almost a year to hammer out a deal in which Diageo was expected to pick up a little over 14 per cent stake in USL for around Rs 1,200 crore.
Former prime minister H D Deve Gowda on Saturday tried to downplay the controversy surrounding liquor baron Vijay Mallya in connection with the money laundering case.
Congress leader Rahul Gandhi on Monday told a sessions court in Surat his conviction by a magistrate's court in a 2019 defamation case over his "Modi surname" remark was erroneous, patently perverse, and he was sentenced in a manner so as to attract disqualification as a member of Parliament.
When the government is out to get Mallya, why is it quiet about those people who are responsible for Air India's massive losses is a million dollar question
The court imposed Rs 10 lakh as costs on Mallya in the case.
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 Deccan brand, once synonymous with lost cost flying in India, will cease to exist after its merger with the Vijay Mallya promoted Kingfisher Airlines, which will takeoff for international destinations by August. "Deccan will cease to exist because after the merger there will be only one company and that will be Kingfisher Airlines," UB Group chief and Kingfisher Airlines Chairman Vijay Mallya told reporters in Baramati.
Airfares may be in for an upswing. Thanks to Vijay Mallya-promoted Kingfisher Airlines acquiring 26 per cent stake in country's largest and first budget carrier Air Deccan.
The BJP threw a counter punch, claiming that the Gandhi family tried to help Mallya's floundering Kingfisher Airlines in 2011-12.
Vijay Mallya will reveal the 2008 Force India F1 car in Mumbai on February 7.
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.
Force India F1 team rule out name change this year
Although industry analysts are welcoming Kingfisher Airlines' stake acquisition in Air Deccan as the right move towards consolidation
A State Bank of India (SBI)-led consortium that gave loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said. Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore. The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.
Dutch brewing major Heineken on Wednesday said it has acquired an additional 14.98 per cent stake in United Breweries Ltd, taking its total shareholding to 61.50 per cent. "Heineken N.V. today (on Wednesday) announces that it has acquired an additional 39,644,346 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement. UBL, with its flagship brand 'Kingfisher', is the leading player in the beer market in India.
The lenders, led by State Bank of India (SBI), are due to inform the Supreme Court of their decision on the offer at a hearing on Thursday.
'I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter,' Mallya said on Twitter.
It was perhaps over-enthusiasm that prompted the Indian investigative agencies to take a private jet to Dominica to bring back fugitive diamantaire Mehul Choksi. Predictably, the eight-member team had to return empty-handed after almost a week-long wait. The agencies were banking too much on the "state-less" status of Mr Choksi, as Antigua, which had given him citizenship in 2017, wasn't willing to take him back. Thus, the calculation was that Mr Choksi would be whisked away from the Dominican courtroom to the waiting plane. The reason for the optimism was also because Antigua is friendly territory for India.
UB Group chairman Vijay Mallya and Airbus chief operating officer John Leahy signed an MoU to this effect at the 47th International Paris Air show on Wednesday.
The aircraft was earlier owned by EIH (Oberoi group).
Vijay Mallya has not informed Rajya Sabha secretariat about his whereabouts or that he would be leaving country.
Kingfisher Airlines has defaulted on loans of over Rs 9,400 crore obtained from various banks.
Pai said he was also against 'naming and shaming' willful defaulters of bank loans.
Beleaguered businessman Vijay Mallya on Thursday told the Supreme Court that banks have no right over the information of his overseas movable and immovable assets as he was an NRI since 1988.
Mallya's Kingfisher Airlines has been accused of defaulting bank loans of over Rs 9,400 crore.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
The Ethics Committee of Rajya Sabha headed by Congress veteran Karan Singh on Monday took cognizance of the issue of Vijay Mallya, who has allegedly defaulted on over Rs 9,000 crore (Rs 90 billion) bank loans.
Gandhi was referring to prime minister's 'silence' on Rafale fighter aircraft deal with France and the Modi government's 'failure' to bring fugitive businessman Vijay Mallya to book.
'It is the time for Sanju Baba, why speak of another Baba?' Director Pahlaj Nihalani tells Subhash K Jha.
Vijay Mallya is accused of money laundering and violating the FEMA.
Even existing cases might come under the proposed law, including those of Vijay Mallya, Nirav Modi and Mehul Choski. But, the law would not cover earlier cases.
In a thread of tweets, Mallya claimed, "The airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where banks money went. I have offered to repay 100 % of the principal amount to them. Please take it."
The administration was triggered by Force India's Mexican driver Sergio Perez, supported by engine provider Mercedes and team sponsor BWT who were also owed money by a team struggling financially.
The Enforcement Directorate (ED) ED will soon seek an Interpol arrest warrant against liquor baron Vijay Mallya based on a non-bailable warrant issued on Monday by a Mumbai court in a money laundering case.
Royal Challengers Bangalore owner Vijay Mallya lodged an official complaint with the IPL Governing Council, saying his franchise coughed up Rs 4 crore more on buying all-rounder Yuvraj Singh on the first day of the players' auction.
Kingfisher Airlines said it would "vigorously challenge" the bank's decision.
The Indian High Commission in London on Thursday welcomed the Westminster Magistrates' Court ruling in the extradition case of diamond merchant Nirav Modi, wanted in India to stand trial on charges of fraud and money laundering related to the Punjab National Bank (PNB) letters of undertaking (LoUs) scam case. A senior diplomat at India House said the judgment, which found a prima facie case against the accused, paves the way for the government of India and the high commission officials to liaise with the UK authorities on the next stages of the procedural matters for his early extradition to India. "The judgment paves the way for the government of India, including the High Commission of India in London, to liaise with the UK authorities on the procedural matters," said the diplomat at the High Commission. "As with previous extradition cases, we will press on with the next steps," he said.
