United Spirits had earlier forked out a loan of as much as Rs 1,350 crore to UB Holdings.
After underperforming its peers in the consumer space in 2022-23, and experiencing a mixed bag in the 2023-24 (FY24) April-June quarter (first quarter, or Q1), brokerages are positive about the medium-term outlook for liquor stocks. Higher raw material costs, concerns regarding increased duties, regulatory changes, and competitive pressures weighed on performance returns in the past quarters. Analysts believe that the sector could experience a reversal of fortunes due to better demand and margin improvements.
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
'It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever,' Vijay Mallya said.
Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
Wants details of Vijay Mallya transactions over 4 years
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
Mallya and UBHL now hold a little over 3.3 per cent in USL.
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
Banks have already sold the pledged shares of Mangalore Chemicals and Fertilisers, realising around Rs 100 crore. Mallya and group companies have pledged over 97 per cent of the USL shares with various banks and others, which according to current market prices is worth over Rs 6,500 crore (Rs 65 billion).
The company secured independent valuation for these properties and had shared the same with Mallya
USL is already contesting a Karnataka High Court order.
According to various senior UB Group officials, the strategy of 14 power brands' focus is expected to be rolled out soon.
A phased roll-out of prohibition will hit revenues of companies, which get 5% of their volume sales from the state
Diageo-led United Spirits pulls out one more lifeline from UB Holdings.
Experts are of the opinion that though the second half of this financial year will see some recovery, volume growth is likely to remain in single digit as compared to the double-digit rise recorded in past years.
In 2012, Diageo signed a deal to buy stake in USL.
Stakeholders' Empowerment Services (SES) has advised Diageo to renege on its deal with United Spirits (USL) chairman Vijay Mallya.
Auditors and promoter entities linked to the UB Group have come under scanner of multiple regulatory agencies for alleged irregularities.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
With this, Heineken's stake has risen from 39% to 42.2%.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
Banks who had lend to Kingfisher Air are finding it difficult to recover dues.
United Spirits wants to align its resources to meet its goals of becoming a trusted and respected consumer goods company.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
United Spirits Limited clocked sales volume of 100 million cases for the fiscal ended March 31, 2010, becoming the world's second largest spirit company by volumes, UB group chairman Dr Vijay Mallya,announced on Wednesday.
Interview with Joint President & CFO, United Spirits Limited.
The CCI in an order dated February 26 approved Diageo's proposed majority stake purchase in Mallya-led United Spirits, saying the deal would not have adverse impact on competition.
The new Diageo management had asked Vijay Mallya to step down.
Mallya and his group firms are already facing a probe by Enforcement Directorate for alleged diversion of loans taken by long-grounded Kingfisher Airlines
To pay 10 per cent interest for the period of delay.
Sebi to look into disclosure, other lapses in the Vijay Mallya, Diageo case.
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.
Mallya said he was being advised by lawyer Harish Salve.
'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
Soon after acquiring strategic management control of Vijay Mallya's crown jewel, United Spirits, Diageo has swung into action, making up for years of lost time in trying to figure out the Indian market.
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
In January, Sebi had barred Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.
