Poddar had earlier said he would sell his stake in Mangalore Chemicals to the highest bidder.
Vijay Mallya was made a Member of Parliament's standing committee on chemicals and fertilisers earlier this year.
The low-profile chief of Deepak Fertilisers on Wednesday bought 24.46% shareholding in MCF.
Pune firm buys 24.46% stake from open market to become largest shareholder.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
He has also said that the overall mood of the Indian consumer remains subdued
The battle for the takeover of MCFL has been going on for one year.
Deepak Fertilizers plans to revise open offer price to beat Mallya-Poddar efforts
'It will be important strategically and geographically because there is no port in India which is as close to the international shipping route as Vizhinjam.'
An open offer for acquisition of additional stake in a listed company can move forward only after issuance of 'observations' by Sebi.
Deepak Fertiliser's promoter might offer to buy Saroj Poddar's stake.
Ritu Mallya, step mother of Vijay Mallya, has joined the board of Mangalore Chemicals and Fertilisers.
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Lawyers say open offer must for twin stake purchase to meet Sebi rules.
Poddar-Mallya agreement on running MCF likely to be re-worked.
Tendering the shares in an open offer will lead to higher taxation.
Through the UB Group, Mallya holds 21.98 per cent stake in MCF.
Sebi asked to reconsider open offer nod as KFA was identified as wilful defaulter.
He manages to get back a majority of pledged shares.
S&P upgraded India's credit outlook to 'stable' from 'negative' earlier.
The agreement says UB Group and Adventz will have the right of first refusal over each other's shares.
After being forced to resign as chairman of MCF, Mallya is now keen on increasing his stake in the company
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
Markets were left high and dry last week, as the 'Monsoon Effect' played havoc on trader sentiment.
Five members of a school management near Bantwal in Dakshina Kannada district have been booked.
Diageo gets assurance, Heineken may seek one, too.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
Vijay Mallya has lost control of his companies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
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