Banks tighten hold on Mallya for defaults on KFA loans
Mallya has denied that he had fled India and said he would comply with laws.
'I have been most pained at being painted as an absconder'.
Brokerages expect better financials as management is determined to improve profitability.
Heineken, among the world's top brewing firms, had been in protracted negotiations with UB, India's largest brewing firm and owned by billionaire Vijay Mallya. However, according to UB sources, Heineken is understood to have now agreed to bring Asia Pacific Breweries' India operations into the UB fold, thus ending the year-long impasse.
UBHL chairman sold 8.41% stake, but didn't disclose.
In the last one year, the Sensex has fallen 2.17 per cent, while the BSE midcap index has risen 2.08 per cent. And, there is scope for value picking that can yield good returns.
In fresh trouble for liquor baron Vijay Mallya, United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.
Besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused
Minister for Tourism and Culture Ambika Soni is happy she could manage to bring the relics of Mahatma Gandhi back to India.Soni, a powerful leader of the Congress owing to her proximity to party president Sonia Gandhi, claimed that United Breweries chairman Vijay Mallaya had been selected to bid on the items.
The Villa, owned by United Breweries Holding, was mortgaged by KFA to SBI-led 17-bank consortium to obtain loans in 2010
Any race that has to be run in India has to be run under the banner of the recognised affiliate, says the FMCI chairman.
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Banks, real estate and metal scrips among the top losers.
Vijay Mallya's United Breweries has held a vice-like grip over the Indian beer market with the Kingfisher, Kalyani and Sandpiper brands. With 137 million cases (12 bottles each), it has a 45 per cent market share. But now multinationals are closing in on UB.
What's common between Vijay Mallya, Ratan Tata and L N Mittal besides the fact that they are all India-born entrepreneurs looking to dominate global business? All three are victims of economic patriotism in foreign soil.
In a move that could change the sweepstakes in the Indian beer market, brewing giant SABMiller plans to acquire rival Scottish & Newcastle in a $12.8 billion deal, the Sunday Express said on Sunday.
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.
France said on Wednesday it would be too happy to see Indian liquor baron Vijay Mallya become a major player in the French champagne industry, but for that to happen he needs to outsmart competition.
The Supreme Court on Tuesday issued notice to the market regulator Securities and Exchange Board of India on the issue of settlement reached between Vijay Mallya's UB Group and Chhabria Group
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.
Liquor baron Vijay Mallya has bought most of the items related to former Mysore ruler Tipu Sultan which went under the hammer for over 1 million pounds with Sotheby's auctioneers in London.
Market regulator Securities and Exchange Board of India will soon appeal to the Supreme Court against the Securities Appellate Tribunal's order directing Chhabrias to make an open offer to shareholders of Herbertsons Ltd.
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
Here's the full text of the statement
A phased roll-out of prohibition will hit revenues of companies, which get 5% of their volume sales from the state
A State Bank of India (SBI)-led consortium that gave loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said. Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore. The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.
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
A week after lenders invoked more of pledged shares, they did so again.
Mallya left the country on March 2 and has had his passport revoked.
Sebi has now proposed that the Companies Act should also clearly mention that a person should vacate the office of a director if it orders his or her disqualification.
Sources said a few other lenders were also contemplating a move to declare both Kingfisher Airlines and UBHL wilful defaulters.
Through the past decade, Bihar's revenue from liquor has quadrupled
About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
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