Several of his lenders have a lot to answer for.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Wants details of Vijay Mallya transactions over 4 years
United Spirits had a tough time in recent past due to management related issues. Going ahead, corporate governance is a big challenge, say experts.
Mallya has been in the UK for months, escaping arrest warrants against him.
RBI and Sebi are close to reaching an agreement for providing waiver of existing norms to banks.
According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
An extradition expert in the UK said the strict social distancing norms in place to try and curb the spread of COVID-19 may add a further dimension to the UK's Article 3 obligations under the European Convention on Human Rights, relating to inhuman and degrading treatment or punishment.
It is the first time in last the 10 years that no new CBI chief has been named to succeed an incumbent.
The UK Crown Prosecution Service said Mallya's appeal to certify a point of law was rejected on all three counts, of hearing oral submissions, grant a certificate on the questions as drafted, and grant permission to appeal to the Supreme Court.
Judge Andrew Henshaw refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion.
Beleaguered businessman Vijay Mallya had made at least four trips abroad before his controversial March 2 departure since a look-out notice was issued by CBI on October 16 last to know his movements.
Force India co-owner Vijay Mallya has steered his Formula One team through a decade of growth and is looking forward to another, although the 'India' moniker looks destined to be dropped.
By registering the fresh case, ED wants to strengthen its probe against the beleagured liquor baron and expedite a slew of actions it has initiated against him
California-based Mendocino Brewing Company, which sells a number of beer brands including Kingfisher in the US, has got Mallya as its chairman and is owned by UB Group through a complex shareholding structure
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
The Ministry of Home Affairs amended its guidelines on October 12 to include the chairman, managing director or chief executive officer of each public sector bank on the list of authorities who can issue requests for opening look-out circulars against whom an FIR is yet to be filed.
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
The United Kingdom's home department has cleared the extradition of fugitive diamantaire Nirav Modi, who is wanted in an over Rs 13,000-crore bank fraud case, officials said on Friday.
As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
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Diageo, which recently coughed up a total of Rs 18,000 crore (Rs 180 billion) to take majority control of USL, seems to have a lot of faith in him.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
This property has all the hallmarks of being owned and occupied by Vijay Mallya. A fleet of supercars making their way down the drive, hordes of people descending to party all night long and a constant delivery of goods and services.
The prime minister seems to have turned his face away from the business of introducing serious reform, says T N Ninan.
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'The approach towards Mallya is not right because his unit could have been turned around earlier with additional funds from his side and the bank's side.'
Concerned over the deteriorating condition of SpiceJet, aviation regulator DGCA on Friday withdrew 186 of its slots and asked it to clear salary dues of all its employees in the next ten days.
'It isn't as if I have any emotional ups and downs. I have done absolutely nothing wrong. In fact I am glad that it is finally before a UK court and an impartial court. So we wait and see how it plays out' 'If you look at my role in the team, there's nothing for me to miss. I am participating in all the decision-making and I've got a virtual pit wall at home. I miss being around but I'm also happy in my space. My time will come and I'll go back to the tracks'
Auto stocks Hero MotoCorp and Mahindra & Mahindra gained 1-2 per cent on the back of strong sales in the month of September.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
RBI governor Raghuram Rajan is clear about cleaning up the mess in the banking system.
The taxpayers and honest borrowers suffer when a big entity defaults.
Air Carnival can make quick progress by stepping into the space that SpiceJet has left empty.
The market benchmark appears set to end 2013 on a positive note with a modest gain of over 7 per cent, but such gains are not to be seen in a majority of stocks available in the market, which predominantly include those of mid-size and smaller companies, shows an analysis of various indices.
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