Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
If the offer is accepted, banks will have to take a haircut of about 30 per cent or Rs 2,500 crore of the total receivables of over Rs 9,000 crore.
As COVID-19 infections spike in the country resulting in restrictions in various states and impacting the fragile recovery, many economists are expecting RBI to delay the policy normalisation move, which is expected in the February review. The country has reported a single-day rise of 58,097 new Covid-19 cases as of Wednesday morning--the highest in around 199 days -- of which 2,135 are Omicron cases and later in the day, the first confirmed Omicron-related death has also been reported. Maharashtra recorded the maximum number of 653 Omicron cases followed by Delhi at 464, Kerala 185, Rajasthan 174, Gujarat 154 and Tamil Nadu 121 cases, taking the total tally of cases to 3,50,18,358.
Talks initiated with Indian investors, private equity players.
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
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Justice Ram Mohan Reddy asked Mallya to appear in court and bring along his passport.
Asked to quit United Spririts' board, Vijay Mallya struck a defiant note saying he 'intends' to continue as its Chairman.
The battle for the takeover of MCFL has been going on for one year.
The foreign institutional investors have more than doubled their holding to 2.46 per cent stake in Vijay Mallya-led UB group's Kingfisher Airlines, while small individual shareholders hiked their holding significantly to 17.59 per cent during the quarter ended September 30.
The US Federal Aviation Administration has yet to certify Epic's planes. The company manufactures private business jets with single and twin engines, capable of carrying six to seven people.
UBHL chairman sold 8.41% stake, but didn't disclose.
Through the UB Group, Mallya holds 21.98 per cent stake in MCF.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
Mallya will now be the Founder Emeritus of USL
After being forced to resign as chairman of MCF, Mallya is now keen on increasing his stake in the company
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
Diageo gets assurance, Heineken may seek one, too.
An open offer for acquisition of additional stake in a listed company can move forward only after issuance of 'observations' by Sebi.
All companies stock price surged on the news that UB Group has reached a deal with the world's largest spirit maker Diageo for a stake sale.
Mallya and his UB Group companies, including Kingfisher Finvest, held a 32.12 per cent stake in the airlines as of September.
Experts say, investors will be better off exiting them at higher levels and investing in stocks of fundamentally sound companies.
According to the The Times, the move is a part of a drive to cut UB Group's $4 billion (2.5 billion pounds) debt.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Poddar-Mallya agreement on running MCF likely to be re-worked.
A weak economy coupled with rising Covid-19 cases and inflation that is above RBI's comfort zone, geopolitical developments, and upcoming India Inc's second quarter results for FY21 could impact sentiment, analysts say.
Sebi issued final observations, necessary for the offer and the deal as a whole to go through, on May 21.
Nearly 45 per cent of this value is likely to be delivered by 3 sectors - consumer goods and retail, agriculture and banking and insurance, the Nasscom report said.
Swiss banks with secret accounts are known to hold substantial sums of money deposited by Indians. These funds amounting to billions of dollars were either illegally taken out of the country, or, were deposited in Switzerland and other tax havens instead of being repatriated to India.
Merged entity to be named Kingfisher Airlines.
New York City has the world's largest number of billionaires but Asian cities, which include Mumbai, dominate the list of top 20 billionaire places in the world, indicating that the region is at the beginning of a new cycle in wealth creation, says a report.
Infosys COO says, the firm is trying its best retain talent.
Deepak Fertilizers plans to revise open offer price to beat Mallya-Poddar efforts
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
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