The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
Banks tighten hold on Mallya for defaults on KFA loans
SBI says recovery process on as no court stay yet.
He was also the chief financial officer of Kingfisher Airlines.
Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
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.
The results are required to be disclosed by listed companies on stock exchange platform for benefit of investors.
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.
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.
The sale came when Mallya was trapped in a sea of debt, mainly as a result of the losses his now grounded carrier, Kingfisher Airlines, had been piling.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
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.
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
The transaction, which values Air Deccan at Rs 155 a share, would be through allotment of non-preferential shares to UB
The parent entity, (Holdings) Ltd, have also expressed concern over the company's significant exposure to the airline.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
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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.
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.
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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.
There is no way out for Mallya's debt problems unless he sells some of his stake, says an analyst.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
The board of directors will review the position of Vijay Mallya, under self-exile in Britain, at its next meeting on August 12.
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.
It is understood he is moving court indicating lenders had been rough with him and, hence, caused damage.
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.
As per the latest shareholding pattern data of the company, foreign institutional investors held 45.81 per cent stake in Vijay Mallya-led UB group firm United Spirits Ltd as on December 31.
UBHL chairman sold 8.41% stake, but didn't disclose.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
First case filed after new norms come into force, NCLT admits plea.
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
In an SEC filing dating back to 1997, he figures as "J Vallabh".
Lenders to Kingfisher Airlines, led by State Bank of India, had moved courts to get residual rights over these shares after Srei recovered the collateral from the defunct Kingfisher Airlines, making it difficult for Srei to sell the shares, said a legal source.
Mallya will now be the Founder Emeritus of USL
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
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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