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.
Mallya is at present based in London and extradition proceedings are on to bring him to India as the ED and the CBI are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
A deepening payment paralysis in Telangana's liquor industry is beginning to choke manufacturing units and strain supplies, employment, and the broader investment landscape, industry bodies have warned, as unpaid dues accumulate to levels they describe as "unprecedented" and "severe".
Deal will help the Diageo to ramp up its presence in the global whiskey market and Vijay Mallya to repay debts of its group company Kingfisher Airlines.
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
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.
Besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused
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Justice Ram Mohan Reddy asked Mallya to appear in court and bring along his passport.
The contempt petition in the Karnataka High Court has been filed only against liquor baron Vijay Mallya alleging breach of an oral undertaking given before the Debt Recovery Tribunal that they would not alienate unencumbered assets nor deal with them, Counsel for a consortium of banks clarified on Wednesday.
'I have been most pained at being painted as an absconder'.
Here's the full text of the statement
Businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law, the Enforcement Directorate said on Friday. It said the action was undertaken by French authorities "on the request of the Enforcement Directorate" and the property bears the address: 32 Avenue FOCH in France.
Vijay Mallya is accused of money laundering and violating the FEMA.
The UK Home Secretary will have to sign Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
Liquor baron Vijay Mallya, facing probe in a loan default case of IDBI bank, apparently managed to leave the country in spite of a look-out notice against him by CBI.
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
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
Beleaguered businessman Vijay Mallya had made at least four trips abroad before his controversial March 2 departure since a look-out notice was issued by CBI on October 16 last to know his movements.
'I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter,' Mallya said on Twitter.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
By registering the fresh case, ED wants to strengthen its probe against the beleagured liquor baron and expedite a slew of actions it has initiated against him
A debt recovery tribunal in India ruled that Rs 6,200 crore of Vijay Mallya's dues -- Rs 5,000 crore as principal and Rs 1,200 crore as interest -- was payable. Mallya claims that out of the sum due, Rs 3,000 crore had already been recovered by the claimants.
The results are required to be disclosed by listed companies on stock exchange platform for benefit of investors.
As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Banks are seeking an order that Mallya should appear in person before the court.
Embattled businessman Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha. Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a 20.4-million loan to UBS - the claimant in the case.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
The Central Bureau of Investigation (CBI) on Friday raided the home of Delhi Deputy Chief Minister Manish Sisodia and 30 other locations in connection with alleged corruption in the implementation of the Delhi Excise Policy.
These investors are not only betting on little-known stocks, but also sectors that the market participants are not paying much heed to. Some of these stocks can be potential multi-baggers, while others may not live up to the expectations of these stock-pickers, says Jash Kriplani.
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