Kingfisher to be lager partner at ICC Champions Trophy to be played in UK.
Mallya is at present based in London and extradition proceedings are on to bring him to India as the ED and the CBI are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.
Because of lack of pilots, airlines have been forced to cancel their flights and rework their schedules, constraining cash flows and delaying vendor payments.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
In 2012, Diageo signed a deal to buy stake in USL.
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
Stressful work schedules and limited growth opportunities are taking a toll on a large number of senior professionals in airlines.
'I have been most pained at being painted as an absconder'.
About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
The debt-laden Kingfisher Airlines stopped operations in October 2012.
Businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law, the Enforcement Directorate said on Friday. It said the action was undertaken by French authorities "on the request of the Enforcement Directorate" and the property bears the address: 32 Avenue FOCH in France.
'I used to tell my wife to pack extra food in my tiffin so that I could at least offer that to my colleagues who were living on vada pav.'
Banks are seeking an order that Mallya should appear in person before the court.
Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
Banks put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block
Kingfisher Airlines, National Aviation Company of India Limited -- the state-owned company that runs Air India -- and Indigo could face additional cost pressures, with reinsurance rates expected to harden following the accident involving the Air France aircraft that was flying from Rio de Janeiro to Paris with 228 passengers on board.
Here's the full text of the statement
The high court permitted Mallya to appeal on only one limited ground to be able to address the admissibility of some evidence and interpretations made by the lower court.
The reasons for non-payment remain unknown. GHIAL spokesperson, Arun Bhagat, refused to comment.
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.
The recent spate of technical glitches in aircraft has prompted the Directorate General of Civil Aviation (DGCA) to issue an order on July 18, making aircraft maintenance engineers (AMEs) with category B1/B2 licences the final authorities in certifying planes. This has put the spotlight on the availability of such personnel. According to the order, airlines were resorting to frequent one-off authorisation by the Category A certifying staff at transit stations, which is not in line with existing regulatory provisions.
Indian airlines are running into losses.
Embattled businessman Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha. Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a 20.4-million loan to UBS - the claimant in the case.
We've witnessed the first phase of the mess in the country's public sector-driven aviation sector. In the absence of properly-thought-out rules, the next, a privately-driven one, awaits us.
Liquor baron Vijay Mallya, facing probe in a loan default case of IDBI bank, apparently managed to leave the country in spite of a look-out notice against him by CBI.
Kingfisher promoter Vijay Mallya is ready to infuse Rs 425 crore (Rs 4.25 billion) into the airline and restart its limited operations as soon as DGCA gives a go-ahead, the lead lender to the grounded carrier SBI said.
The only two truly successful private airlines in India - Jet Airways and IndiGo - have been set up and run by people who knew the ins and outs of the trade well before they took to the skies.
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
While one NBW was issued in a 2012 cheque bounce case following Mallya's non-appearance, another was in a case of allegedly evading summons in a FERA violation matter.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
The former liquor baron owes several banks a total of as much as Rs 9,000 crore
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.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
The office of former prime minister Manmohan Singh may have taken a special interest to try and keep afloat Vijay Mallya's ailing Kingfisher Airlines against the run of play, e-mails and letters claiming this and accessed by CNN-News18 indicate.
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
Vijay Mallya is accused of money laundering and violating the FEMA.
The UK Home Secretary will have to sign Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
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