Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
The final list of bidders would be finalised only after the interested firms pay the earnest money deposit on June 30.
"I just have to ride out the storm," Vijay Mallya said.
Crisis-ridden Kingfisher Airlines would come up with a recovery road map in three days, chairman Vijay Mallya promised on Thursday.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
A huge monkey off Force India's back, team chairman Vijay Mallya said the Formula One outfit has actually delivered on its promise of a podium finish one year before the 2010 deadline it had set.
Mallya has been in the UK for months, escaping arrest warrants against him.
On April 20, the Special Magistrate Court had convicted Mallya and others, in connection with bouncing of two cheques of Rs 50 lakh each
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.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
Though FDI is allowed in the sector, foreign carriers cannot acquire stakes in Indian airlines.
UB Group chairman and Rajya Sabha member Vijay Mallya and Air Sahara chief executive officer U K Bose were on Monday honoured with the Distinguished Fellow Award, 2003.
Fresh trouble seems to be brewing for liquor baron Vijay Mallya, with Mumbai International Airport(MIAL) deciding to sell a mid-sized corporate jet owned by his group company.
UBHL chairman sold 8.41% stake, but didn't disclose.
Kingfisher chief Vijay Mallya walked into the corporate head office of Jet at S M Centre in Andheri to discuss the issues of common interest with Naresh Goyal, as both the airlines are losing an estimated up to Rs 20 crore a day.
Former prime minister H D Deve Gowda on Saturday tried to downplay the controversy surrounding liquor baron Vijay Mallya in connection with the money laundering case.
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.
This is the first time an airline has made such a request to the ministry after the Tata-Singapore Airlines deal fell through in 2001 (Singapore Airlines was to have a 49 per cent share in the joint venture). The Indian government does not allow direct or indirect investments in domestic airlines, a move that was meant to protect domestic carriers. Mallya's request marks a sharp change from domestic players' stand.
A court in Bulandshahr (Uttar Pradesh) has asked the Bangalore Police to ensure the presence of Kingfisher Airlines chief Vijay Mallya before it on October 31 on a pilot's petition alleging that the company was withholding his dues.
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.
Mallya will now be the Founder Emeritus of USL
Force India will take action against their German driver Adrian Sutil only if he is formally charged with assault, the Formula One team's owner Vijay Mallya said on Thursday.
Sebi to look into disclosure, other lapses in the Vijay Mallya, Diageo case.
The judge, during arguments, said it was "blindingly obvious" that "rules were broken by the bank" and that they had "gone against their own guidelines" in extending a loan to the business tycoon's now defunct Kingfisher Airlines.
Mallya donated the gold after offering worship and requested temple authorities to use it for gilding the doors at the sanctum sanctorum, Tirumala Tirupati Devasthanams deputy executive officer (temple) Chinnamgari Ramana told PTI.
United Bank of India has asked Vijay Mallya and three other directors of grounded Kingfisher Airlines to appear before a panel of the bank at the head office in Kolkata on July 9.
Both Goyal and Mallya had figured in Forbes' annual list of world's billionaires published earlier last month, where Mukesh and Anil Ambani were named as two richest in India. According to Forbes, Goyal's fortune is valued at $ 1.4 billion, while that of Mallya is $ 1.2 billion. Naresh Goyal and Vijay Mallya are both vying for dominance of Indian skies. The are the only Indian names on the list. It also includes the feud between Russia's Vladimir Potanin and Mikhail Prokhorov
Although industry analysts are welcoming Kingfisher Airlines' stake acquisition in Air Deccan as the right move towards consolidation
The CCI in an order dated February 26 approved Diageo's proposed majority stake purchase in Mallya-led United Spirits, saying the deal would not have adverse impact on competition.
The employees of the grounded Kingfisher Airlines, who have not been paid for eight months now, on Wednesday threatened to file a winding up petition in the court under the Company's Act, if the management did not share its revival plan with them.
Essential to the larger-than-life image of United Breweries Chairman Vijay Mallya cultivated were the appendages -- the yachts, private aircraft and houses all over the world.
'Since CBI directly reports to PM CBI couldn't have allowed without approval from top,' Kejriwal tweeted
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.
The industrialist has joined JD(S) leader S R Bommai to for a new party.
Vijay Mallya remembers the raised eyebrows that greeted his decision to retain Vitantonio Liuzzi as the race driver for the 2010 season and the Force India chairman is now pleased as punch after the Italian lived up to expectations within the first two races this year.
Protesting against the government efforts to reduce high prices charged by airlines on tickets booked at short-term notice, Kingfisher Airlines promoter Vijay Mallya on Monday said that airfares should not be capped by the regulatory authorities, whether it is in upper or lower band.
