He was also the chief financial officer of Kingfisher Airlines.
Kingfisher Airlines, promoted by the UB Group, expects to get into the black in December. According to Ravi Nedungadi, president and CFO, UB Group, the airline has been driving in volumes and efficiencies which is likely to be reflected in the revenues this month.
The company agrees to give interim funding till the airline gets an equity partner
Talks initiated with Indian investors, private equity players.
Kingfisher Airlines flagged off services between Hong Kong and Mumbai with its inaugural flight taking off from Hong Kong's Chek Lap Kok Airport on Wednesday.
A clutch of global financial institutions led by T Rowe Price, HSBC and an investment arm of the Government of Singapore are the lead investors in the Rs 600 crore (Rs 6 billion) qualified institutional placement (QIP) issue of UB Holdings.
Earlier this year, Kingfisher Airlines had acquired 26 per cent stake in low-cost carrier Deccan Aviation for Rs 550 crore (Rs 5.5 billion). The company also made an open offer for another 20 per cent stake in Deccan Aviation. The open offer was oversubscribed. It received bids for 35 million equity shares against the issue size of 27 million shares.
In a move that could change the sweepstakes in the Indian beer market, brewing giant SABMiller plans to acquire rival Scottish & Newcastle in a $12.8 billion deal, the Sunday Express said on Sunday.
The acquisition is likely to be followed by the merger of Shaw Wallace & Company with group flagship United Spirits.
The Rs 4,000 crore (Rs 40 billion) United Spirits will be merging Shaw Wallace with itself. United Spirits, a part of the UB Group, had acquired Shaw Wallace for around Rs 1,300 crore (Rs 13 billion) in mid-2005 .
UB Group, which has raised close to Rs 1,500 crore (Rs 15 billion) debt for keeping Kingfisher Airline in the skies during the past two years, has raised another Rs 1,000 crore (Rs 10 billion) debt to fund the 46 per cent buy in Deccan Aviation.The debt for the 46 per cent buy in Deccan Aviation has been raised in two phases. In the first phase, for the 26 per cent negotiated deal for Rs 550 crore and the subsequent 20 per cent open offer which cost UB Group Rs 425 crore.
Vijay Mallya-promoted UB Group, which acquired 26 per cent stake in Air Deccan for Rs 550 crore (Rs 5.5 billion) and is to buy another 20 per cent through an open offer, has completed raising funds for the purpose ahead of its payment deadline.
The UB Group on Tuesday said that chief operating officer and president of Kingfisher Airlines, Alex Wilcox had not resigned, and he has been given "reasonable time" to resolve some personal matters.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
Officials of 17 banks which gave loan to Kingfisher Airlines and UB Group are also under the agency's scanner
In fresh trouble for liquor baron Vijay Mallya, United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
Poddar-Mallya agreement on running MCF likely to be re-worked.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
Sources said a few other lenders were also contemplating a move to declare both Kingfisher Airlines and UBHL wilful defaulters.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
Such classfication brings with a high cost, including closing of formal credit channels, and likely criminal proceedings.
RBI, Enforcement Directorate to see if money was sent to tax haven
Calcutta HC dismisses United Bank of India's decision on technical grounds
Wilful defaulters will not be allowed to take up board positions in any company.
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.
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