In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
Liquor baron Vijay Mallya is mulling to divest around 49 per cent stake in United Spirits Ltd's UK-based wholly-owned subsidiary Whyte & Mackay (W&M), which it acquired for 595 million pounds in May 2007.
The intrigue surrounding how the Vijay Mallya-led UB Group will address the spiralling debt problem of its companies took a fresh turn on Tuesday, with one senior official saying there was a possibility of group firm United Spirits Ltd totally selling out its flagship subsidiary Whyte and Mackay (W&M), the scotch major based in Scotland.
Leaders from around the world extended their greetings to India on its 76th Republic Day, emphasizing the importance of bilateral relations and expressing hope for a stronger future. The Indian diaspora across the globe celebrated the occasion with enthusiasm at Indian missions abroad, where the national tri-colour was unfurled, accompanied by cultural performances and patriotic fervour. The celebrations highlighted the strong bonds of friendship and cooperation between India and its global partners.
Mallya had bought the pedigree scotch major, based in Scotland, for $1.2 billion in 2007.
The question now is, legal experts say, whether the new norms would come into effect prospectively or retrospectively.
Liquor baron Vijay Mallya is believed to have acquired Bouvet-Ladubay, the wine subsidiary of French champagne major Taittinger for $15 million.
The next step will be the 10 per cent preferential allotment, which the UB Group promoters will be making in favour of Diageo.
Abay Kewadkar, director, Four Seasons Wines, says there is room for expansion of the facility based on initial consumer feedback to the initiative.
Ranibai Rajaram Chhabria, mother of late Manohar Rajaram Chhabria, has challenged the merger of Shaw Wallace with the UB Group saying she was entitled to a fifth of her deceased son's estate.
In a filing to the Bombay Stock Exchange (BSE), USL said it had made a recommendation to the board of subsidiary United Spirits to consider the sale of the entire share capital of Whyte & Mackay.
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.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
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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.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
Mallya will now be the Founder Emeritus of USL
The Supreme Court has rejected an appeal by Vijay Mallya to overturn charges against him for allegedly violating foreign exchange rules, adding to the legal challenges facing one of the country's most prominent businessmen.
Sebi's order comes close on the heels of Central Bureau of Investigation naming Mallya, Kingfisher Airlines and nine others, in the charge sheet related to the 2015 loan default case.
Troubled business tycoon Vijay Mallya, on Sunday, asserted that his stepping down as chairman of the United Spirits Ltd will not affect his control in Formula One team, Sahara Force India.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
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.
The company said it will appoint a new Chairman at the next Board meeting.
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
CSD was created to provide easy access to quality products of daily use, at prices less than market rates to the soldiers, ex-servicemen and their families
Diageo gets assurance, Heineken may seek one, too.
In January, Sebi had barred Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.
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.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
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 consortium led by SBI has also initiated the process of recovery.
Beleaguered liquor baron Vijay Mallya on Wednesday announced he will retire as chairman of Sanofi India and will not seek reelection as a director of the drug maker.
Sebi to look into disclosure, other lapses in the Vijay Mallya, Diageo case.
The agency did not seek a reappointment in FY12.
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.
Asked to quit United Spririts' board, Vijay Mallya struck a defiant note saying he 'intends' to continue as its Chairman.
Diageo, under a share purchase agreement (SPA) with UBHL and various other sellers, had acquired 21,767,749 shares (14.98 per cent) in USL
The world's largest liquor maker Diageo Plc on Tuesday made an open offer worth Rs 11,448.91 crore (Rs 114.48 billion) to acquire an additional 26 per cent stake in United Spirits Ltd.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
The company will move swiftly to consolidate its recent acquisition of three distilleries and will also take a decision on setting up a Rs 650-crore two-furnace glass plant in Andhra Pradesh, said sources.
United Breweries says sales could fall by 40% following court ban.
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