Kingfisher had been asked to give its repayment plan in that meeting, failing which the lenders would not be shy of starting the process to sell its assets pledged with them, bankers said.
The intrigue surrounding how the Vijay Mallya-led UB Group will address the spiralling debt problem of its companies took a fresh turn on Tuesday, with one senior official saying there was a possibility of group firm United Spirits Ltd totally selling out its flagship subsidiary Whyte and Mackay (W&M), the scotch major based in Scotland.
The message was given to the airline's CEO, Sanjay Aggarwal, at a meeting here on Wednesay.
United Breweries Ltd Chairman Vijay Mallya received over Rs 1.4 crore as commission and sitting fees during 2011-12 from the company.
After hearing Kingfisher's plea, the COMPAT observed that the CCI had acted beyond its scope in the matter and set aside the penalty.
All these companies were provided loans by PNB as part of consortium lending.
Other corporate leaders, including Biocon chief Kiran Mazumdar Shaw, UB Group Chairman Vijay Mallya and Mahindra Group vice-chairman Anand Mahindra, have also expressed concerns over the current state of economy in the country.
SBI had moved the Debt Recovery Tribunal because Mallya owes over Rs 7,200 crore to a consortium of banks led by State Bank of India
Force India set their sights on breaking into Formula One's top three at the launch of their new car on Wednesday and hit back at suggestions that they lack the budget to match the manufacturers in a spending 'arms race'.
A special court in Mumbai on Friday declared three family members of late gangster Iqbal Mirchi as 'fugitive economic offenders' under the provisions of a criminal law by the same name, official sources said.
I don't disown my past association with Vijay Mallya but that does not mean I endorse his monetary misdemeanours, a feisty Divya Spandana tells Subhash K Jha.
Beleaguered Kingfisher Airlines on Wednesday announced further reduction in its flight schedule and said its promoter Vijay Mallya will meet the pilots agitating over delayed salary on Thursday.
Shot across the incredible idyllic islands in the Indian Ocean with azure waters and clean beaches, Soneva Fushi and Soneva Gili provided the perfect backdrop for ace fashion photographer Atul Kasbekar for the Kingfisher Swimsuit Calendar 2010.
Force India will have a 50 million pound boost to help them move up the Formula One grid after a strong performance this year, the team's co-owner Vijay Mallya announced.
Bankers and the senior management are expected to convene another meeting later this month.
Airline had promised them salaries by Diwali.
Interview with Joint President & CFO, United Spirits Limited.
A section of pilots of Kingfisher Airlines on Tuesday went on a strike over non-payment of salary and other dues for the past five months, forcing cancellation of five flights.
Kingfisher Airlines, owned by Indian liquor baron Vijay Mallya, is in talks with two foreign carriers, including International Airlines Group (IAG) -- the owner of British Airways and Iberia -- for a potential rescue package, a report said.
Q&A with UB Group chairman Vijay Mallya on Diageo deal
UK-based Diageo's acquisition of 53.4 per cent stake in Vijay Mallya-led United Spirits for Rs 11,166.5 crore ($2 billion) could be the biggest inbound M&A deal so far this year.
Deal will help the Diageo to ramp up its presence in the global whiskey market and Vijay Mallya to repay debts of its group company Kingfisher Airlines.
Aviation companies, led by flamboyant Vijay Mallya-promoted Kingfisher Airlines, have been witnessing stress and it has also impacted their debt servicing, with some accounts turning non-performing assets.
Low-cost carriers (LCCs) like Air Asia and Ryan Air are among the best because they are frugal, have flexibility in operations and certain standardisation of aircraft and operations.
UBHL chairman sold 8.41% stake, but didn't disclose.
He sold 8.84% stake for Rs 55 crore based on average stock price in September quarter.
Sources say Diageo is pushing for a management control of United Spirits; and this has led Mallya to rethink on the offer.
She will give a tough fight to the Congress there, he said.
On November 9, 2012 Diageo had announced buying a 53.4 per cent stake in USL for Rs 11,166.5 crore (Rs 111.66 billion) in a multi-structured deal.
As his IPL team member Australian Luke Pomersbach was arrested for allegedly molesting an American woman, Royal Challengers Bangalore owner Siddharth Mallya attacked her in a tweet.
Nico Hulkenberg and Sergio Perez will start the season ending Abu Dhabi Grand Prix from seventh and eighth on the grid courtesy a solid showing in the qualifying at the Yas Marina Circuit in Abu Dhabi on Saturday.
A section of Kingfisher pilots have reported sick in protest against non-payment of salaries.
The total amount covered by interim orders of no coercive action passed by the courts in such matters is approximately Rs 67,000 crore, the government told a bench headed by Justice A M Khanwilkar.
The Vijay Mallya-owned carrier would become the first airline from the subcontinent to join any of the global airline groups, the two others being 'Star Alliance' and 'SkyTeam', spokespersons of the airline and the alliance said.
Britain's Paul di Resta and Germany's Nico Hulkenberg will race for Sahara Force India next season, the Formula One team said on Friday. Hulkenberg will replace compatriot Adrian Sutil at the Silverstone-based team.
While guarantees given by Mallya fell from Rs 6,156 crore (Rs 61.56 billion) in the previous year 2010-11, the guarantees provided by Kingfisher's holding and associate companies rose from Rs 8,863 crore (Rs 88.63 billion) to Rs 8,926 crore (Rs 89.26 billion) in this period.
Nearly six months after he put the stake sale process of Whyte & Mackay on the fast track to find a solution to United Spirits' high leverage, UB Group Chairman Vijay Mallya is understood to be nearing a deal to offload 49 per cent stake in the flagship subsidiary.
India's ace spinner Harbhajan Singh has served a legal notice on Vijay Mallya-owned UB Spirits over a television advertisement that shows Indian skipper Mahendra Singh Dhoni "mocking" at him.
Playing down Justice Mudgal committee's report on corruption in the IPL, Royal Challengers Bangalore owner Vijay Mallya said scandals were a part and parcel of the every sport and the brand value of the cash-rich event remained unaffected.
Though the UB Group chairman didn't name anybody, some of these associates could be the owners of Balaji Distilleries, whose breweries and distilleries were acquired by UB Group companies -- United Spirits and United Breweries -- during the last financial year.
