.jpg)
According to data reviewed by Business Standard, the dues from UB Holdings alone to USL shot up by 4.3 times to Rs 1,188 crore (Rs 11.88 billion) by the end of the last financial year, compared to an outstanding of Rs 272 crore (Rs 2.72 billion) by the end of FY12.
The parent entity, (Holdings) Ltd, have also expressed concern over the company's significant exposure to the airline.
.jpg)
Diageo, which recently coughed up a total of Rs 18,000 crore (Rs 180 billion) to take majority control of USL, seems to have a lot of faith in him.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
Mallya left the country on March 2 and has had his passport revoked.
Vodafone Idea's (Vi's) subscriber loss reduced to a seven-month low in March, and alongside the company added 1.1 million broadband users after two months of net loss -- two things analysts have noted as key trends that need to be monitored. While Vi has been losing customers for more than two and a half years now, the churn reduced to below a million after five straight months in March, the Telecom Regulatory Authority of India (Trai) data has shown. "Jio's softer than usual subscriber growth in March, and VIL's slowing subscriber market share loss are key trends to keep an eye on going forward," global investment banking and financial services major UBS said in an analyst note.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
Vijay Mallya-controlled UB Group's open offer for acquiring stake in liquor firm Shaw Wallace will begin on April 18, the manager to the offer said on Thursday.
United Spirits had earlier forked out a loan of as much as Rs 1,350 crore to UB Holdings.
UB Holdings had appealed to the bench, of judges Dilip B Bhosale and B Manohar, to let it use Rs 13 crore (Rs 130 million) from a Rs 380-crore (Rs 3.8 billion) deposit to pay a month's salary to employees of the grounded airline and Rs 47 crore (Rs 470 million) to settle tax dues on capital gains made from the sale of a stake in United Spirits to London-based Diageo that got it Rs 1,460 crore (Rs 14.6 billion).
If Hindenburg or its partner do not join the investigation, then Sebi may pass an ex-parte order against it, which may be enforced as a foreign award in US courts.
New gold schemes may perform better than previous plans: UBS.
This is part of a worldwide deal under which S&N's global operations will be jointly acquired by Danish beer giant Carlsberg and Heineken for $15.4 billion. Under an agreement reached by three companies involved in the deal, Heineken will take over S&N's India operations.
Analysts have given a thumbs up to the Reliance Industries (RIL) and Walt Disney Co. (Disney) proposed a joint venture (JV). The stock of the Mukesh Ambani-controlled company gained nearly 1.5 per cent on Thursday to Rs 2,952 levels as compared to the S&P BSE Sensex that traded marginally weak, down 0.2 per cent to 72,172 levels in intra-day trades.
Must satisfy shareholders on game plan to steer UB Group over next 12 months.
Confirming the sale, senior executives of public-sector banks said there was no court directive yet to stop selling shares.
UB Group stocks, led by United Breweries Holdings Ltd, on Monday slumped by up to 5.3 per cent as trouble mounted for Vijay Mallya.
UB Group Chairman Vijay Mallya's grip on United Breweries slipped further on Thursday, after lenders to UB Group companies offloaded a part of the stake in Kingfisher beer that was pledged to them.
There is no way out for Mallya's debt problems unless he sells some of his stake, says an analyst.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
A Special Court for Economic Offences has ordered summons to be issued against him over dues from his Kingfisher Airlines to the I-T Dept.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
UB Holdings, which operates Kingfisher Airline, last year picked up a 26 per cent stake in Deccan Aviation for Rs 550 crore (Rs 5.5 billion). Subsequently, they made an open offer for acquiring another 20 per cent taking its holding to 46 per cent. The merger between Kingfisher Airlines and Air Deccan of Deccan Aviation, is now awaiting Karnataka High Court approval.
The general elections in April/May 2024 are expected to add volatility to the Indian markets, keeping investors on their toes.
UBS said RIL's $10 billion petchem capex by 2016 will drive 12 per cent volume CAGR.
Air Deccan, which was forced to sell 26 per cent to Kingfisher Airlines chairman Vijay Mallya's UB Holdings to keep its head above water a few months ago, is likely to break even before Kingfisher.
IDBI Trusteeship Services, in its capacity as the lenders' trustee to Kingfisher Airlines, has invoked a little over 4.93 mn shares worth Rs 1,300 crore.
Even if you assume a higher return fare of Rs 40,000, the yield will still be lower than the costs.
Sources close to the development told PTI that the open offer was expected to be announced next week. The share price for the open offer would be Rs 155 per share, the amount UB Holdings paid for picking up the 26 per cent stake.
I don't place much emphasis on timing the market. Stocks don't move up because we buy them, says Ramesh S Damani
Mallya and UBHL now hold a little over 3.3 per cent in USL.
Gas production from Krishna Godavari basin block has dropped to just over 12 mmscmd and RIL is carrying out workover on main Dhirubhai-1 and 3 gas fields.
Liquor baron Vijay Mallya's Kingfisher Airlines will commence operations during the first quarter of 2005.
Vijay Mallya's United Breweries Holdings has made an open offer for an additional 20 per cent stake in Air Deccan in which it has already acquired 26 per cent for Rs 550 crore (Rs 5.5 billion).
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances