SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
Mallya will now be the Founder Emeritus of USL
RBI, Enforcement Directorate to see if money was sent to tax haven
USL board said its second forensic audit by EY has revealed fund diversion worth Rs 1,225 cr to Mallya companies.
A consortium of banks led by SBI had alleged that Mallya concealed the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in flagrant violation of the orders passed by the Karnataka HC.
Beleaguered liquor baron Vijay Mallya on Wednesday announced he will retire as chairman of Sanofi India and will not seek reelection as a director of the drug maker.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
The Centre on Monday told the Supreme Court that "secret" extradition process was going on to bring fugitive businessman Vijay Mallya to the country but it was not aware about its status. The Centre also told the top court that it was not a party to the proceedings.
By framing the right question, Satya Nadella directed his team's attention to searching for the right answer, which opened up a treasure trove of new business opportunities, which would have remained undiscovered but for framing the right question.
USL is already contesting a Karnataka High Court order.
The apex court directed Mallya, who is currently in the United Kingdom, to appear before it on July 10 to argue on the quantum of punishment in the matter.
Lenders to Kingfisher Airlines, led by State Bank of India, had moved courts to get residual rights over these shares after Srei recovered the collateral from the defunct Kingfisher Airlines, making it difficult for Srei to sell the shares, said a legal source.
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.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
Sahara India needs to pay back $5.3 billion, raised from millions of small investors through the sale of bonds ruled by the Supreme Court to be illegal, before founder Subrata Roy can be released.
Mallya claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.
Diageo-led United Spirits pulls out one more lifeline from UB Holdings.
Recent data from market analytics firm Nielsen shows that the rural market in the country's 630,000-odd villages is pulling down the overall FMCG business.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
United Spirits wants to align its resources to meet its goals of becoming a trusted and respected consumer goods company.
Diageo gets assurance, Heineken may seek one, too.
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
Shutting of stores had not stopped alcohol sales. On the contrary, it had increased black market operations and peddling of illicit hooch, which could cause death/serious injury.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
With this, Heineken's stake has risen from 39% to 42.2%.
India's investigating agencies have in the past made a lot of noise about probes that resulted in few convictions
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
Miguel A Torres, president, Torres group of companies, has his friendly, blue eyes fixed on the bubbling market. "We will invest $1 million to hire more people and expand to other parts. We have already invested the same over the last six years," he says. Torres produces red, white, sparkling, and dessert wines, ranging from single vineyard to mass-market brands.
Global IT firms seeing dearth of talent in countries such as US, looking for people with such skills from countries like India
The agency did not seek a reappointment in FY12.
The company will move swiftly to consolidate its recent acquisition of three distilleries and will also take a decision on setting up a Rs 650-crore two-furnace glass plant in Andhra Pradesh, said sources.
Who is to take their place? Will a new generation of entrepreneurs start up with better business sense, or at least better luck? But the so-called unicorns are mostly copy-cat entrepreneurs whose cash flow is funded by overseas (including Chinese) money, notes T N Ninan.
McDowell's, the whisky brand owned by USL, sold 19.27 million nine-litre cases of Indian made foreign liquor whisky in 2012, compared to Officer's Choice whisky, owned by the Chhabria-led Allied Blenders & Distillers, which sold 18.55 million cases.
The Supreme Court on Monday dismissed a plea of fugitive businessman Vijay Mallya seeking review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
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