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.
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.
The man who ran Mohan Meakin for over four decades was a teetotaller.
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.
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.
Mallya had bought the pedigree scotch major, based in Scotland, for $1.2 billion in 2007.
Last Tuesday, chairman of the crisis-hit airline Vijay Mallya assured his employees that their salaries would be disbursed in a staggered manner from April 4 to 10.
Kingfisher Airlines's has hit a rough patch again with three of its directors resigning for better prospects.
Rogue lending under political influence was rife in the Congress-led regime and is not happening in the Modi regime, certainly not on that scale. But if PSBs cannot lend as indiscriminately as they did last time in the name of 'credit expansion', how well will these banks do, asks Debashis Basu.
Mallya is understood to be in the UK after he left India on March 2.
In all, 4.2 million shares were sold during the quarter.
Bankers are working on a formula that would aim to keep the re-payment period and the net present value of the asset specified during the first restructuring intact, by increasing the interest rate.
Facing serious financial turbulence, Kingfisher Airlines has sought government help for a bailout even as it continued its flight curtailment spree for the fifth consecutive day on Friday and its stocks plummeted by over 19 per cent to an all-time low but recovered slightly later.
Virtually ruling out closure of debt-laden Kingfisher Airlines (KFA), Civil Aviation Minister Ajit Singh on Thursday said promoter Vijay Mallya will have to take call on shutting down the business.
Crisis-ridden Kingfisher Airlines would come up with a recovery road map in three days, chairman Vijay Mallya promised on Thursday.
The 2005-operational airline that plied over 400 flights in November, cut it down to 180 flights a day by last month.
In fresh trouble for liquor baron Vijay Mallya, United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.
For the first nine months of the current financial year, net sales rose by close to 37 per cent to Rs 1,470 crore (Rs 14.7 billion( over the previous corresponding period, while operating profit increased by another 37 per cent to Rs 322 crore (Rs 3.22 billion).
After excluding the shares they have pledged, the promoters hold a meagre 3.55 per cent in the crisis-ridden airline.
Rating agencies on Wednesday warned against more exposure to debt-ridden Kingfisher Airlines, saying more debt may hit banks' credit profiles and add to the burden of provisions.
As part of the deal for purchase of 53.4 per cent stake in Vijay Mallya-led UB group's United Spirits Ltd, Diageo has made a Rs 5,441 crore open offer for purchase of 26 per cent stake in the company from non-promoter shareholders.
The CBI recently approached the special court in Mumbai for issuance of LoR to conduct a probe to ascertain utilisation of funds received in the US-based bank accounts of Mallya and now defunct Kingfisher Airlines.
For providing the additional level of collateral for its funding needs, the company paid a little over Rs 50 crore (Rs 500 million) to Mallya as 'guarantee and security commission' during the year ended March 31, 2011, Kingfisher has told its shareholders.
Vijay Mallya-led loss-making air carrier Kingfisher Airlines will need to infuse more funds if its wants to stay afloat, its auditors said.
The 14th Additional Chief Metropolitan Magistrate court issued the NBWs on March 10 against the now-defunct Kingfisher Airline
In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi said Vijay Mallya-promoted Kingfisher Airlines along with Paramount Airways did not settle dues on a regular fortnightly basis.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
RBI, Enforcement Directorate to see if money was sent to tax haven
It may just be a well-crafted strategy by Vijay Mallya to sail through the current crisis
A bench comprising Justices A K Goel and U U Lalit took note of the fresh status report, referred by Attorney General K K Venugopal that efforts to bring Mallya back were on.
Kingfisher Airlines will have to pay Rs 60 lakh daily for operating flights.
The offer price remains the same at Rs 1,440 per share.
Thackeray welcomed Bajaj Auto chairman Rahul Bajaj's comments against the proposed bailout of debt-ridden Kingfisher by the government.
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.
United Breweries Ltd on Friday posted a net profit of Rs 34.2 crore (342 million) for the second quarter ended September 30, as against Rs 19.5 crore (195 million) in the year-ago period.
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