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.
Force India are now 99 points clear of fifth-placed Williams, and 165 behind third-placed Red Bull, with a maximum 86 remaining to be won.
The next hearing on ED's application before the special court, seeking permission to start confiscation proceedings, is scheduled for April 8.
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.
Taking to Twitter, Gandhi posted, "The scamster's escape formula: La(Mo) + Ni(Mo) ---(with) Na(Mo)---> Bha(Go)", while using the hashtag "#ModiRobsIndia".
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
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.
Kingfisher Airlines's has hit a rough patch again with three of its directors resigning for better prospects.
Wanted diamond merchant Nirav Modi, whose extradition to India was ordered in April by UK Home Secretary Priti Patel in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lost the first stage of his extradition appeal in the high court in London.
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.
After excluding the shares they have pledged, the promoters hold a meagre 3.55 per cent in the crisis-ridden airline.
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.
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).
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.
Vijay Mallya-led loss-making air carrier Kingfisher Airlines will need to infuse more funds if its wants to stay afloat, its auditors said.
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.
Vijay Mallya has applied to Home Secretary Priti Patel for "another route" to be able to stay in the UK, the liquor tycoon's barrister representing him in bankruptcy proceedings in the High Court of London confirmed during a remote hearing on Friday. The 65-year-old businessman, whose legal challenge to the Indian government's extradition request was turned down at the Supreme Court level in the UK last year, remains in Britain on bail until Patel signs off on the order for him to be extradited to India to face charges of fraud and money laundering related to the now-defunct Kingfisher Airlines. The UK Home Office has so far only confirmed on background that a confidential legal process remains ongoing before the extradition order can be executed.
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.
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.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
Kingfisher Airlines will have to pay Rs 60 lakh daily for operating flights.
It may just be a well-crafted strategy by Vijay Mallya to sail through the current crisis
The properties overseas include two luxury hotels - one in New York and one in London - two residential apartments in London valued at 15 million each, and a yacht stationed in the UK. In India, Kapoor's six bungalows in Delhi's upscale localities, including Jor Bagh, Hauz Khas, and Kautilya Marg, were also identified.
Thackeray welcomed Bajaj Auto chairman Rahul Bajaj's comments against the proposed bailout of debt-ridden Kingfisher by the government.
The offer price remains the same at Rs 1,440 per share.
Has liberalisation squeezed the personality out of India Inc's leaders?
The 14th Additional Chief Metropolitan Magistrate court issued the NBWs on March 10 against the now-defunct Kingfisher Airline
Sahara Force India team principal Vijay Mallya was a satisfied man after his team achieved the target of registering points in the inaugural Indian Grand Prix with Adrian Sutil managing to bring home the car inside the top 10 bracket, in Greater Noida, on Sunday.
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.
The last few days have been hectic for Congress president Rahul Gandhi, addressing various conclaves in London and in Germany. And, as is to be expected, not everyone is too pleased with what he's had to say.
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
Royal Challengers Bangalore owner Vijay Mallya on Tuesday slammed the Board of Control for Cricket in India (BCCI), saying that the rules and regulations for the Indian Premier League were made without the consultation of the franchisees involved.
