Ritu Mallya, step mother of Vijay Mallya, has joined the board of Mangalore Chemicals and Fertilisers.
Mallya will now be the Founder Emeritus of USL
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
The banks have asked the court to demand his return and to impound his passport.
After razing his ancestral bungalow, housed in an expansive 4.5-acres of prime location in the central business district of Bangalore, Mallya's attempt to unlock value in the land by building the luxury KingfisherTowers has been stalled.
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
RBI rule, applicable prospectively, also for non-group guarantors.
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.
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.
Diageo on Thursday took full control of South African beer maker United National Breweries.
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
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.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
The company hires Accenture for financial re-engineering, including slashing of debt ratios; changes to be visible soon
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
Acquires 50 per cent stake for $36 million in United National Breweries.
Banks are seeking an order that Mallya should appear in person before the court.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Sahara India needs to pay back $5.3 billion, raised from millions of small investors through the sale of bonds ruled by the Supreme Court to be illegal, before founder Subrata Roy can be released.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
The HC also offered a ray of hope to the hundreds of employees of UB-Group owned now-grounded Kingfisher Airlines, who have not been paid monthly salaries for over a year now.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
The parent entity, (Holdings) Ltd, have also expressed concern over the company's significant exposure to the airline.
The year gone by saw the high and mighty of the corporate world face the music in the Delhi High Court which held that the telecom majors are amenable to CAG audit and Mukesh Ambani's RIL struggling hard to get rid of an FIR lodged on gas pricing by the 49-day-old AAP regime.
The searches at the Tamil television channel were conducted over alleged tax evasion.
Mallya and his group firms are already facing a probe by Enforcement Directorate for alleged diversion of loans taken by long-grounded Kingfisher Airlines
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
