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.
'I have been most pained at being painted as an absconder'.
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.
At the heart of Friday's case lay an ICICI Bank loan owed by Mallya's Watson and CASL, for which Diageo stepped in as a backstop so that it could be refinanced by Standard Chartered Bank.
Kingfisher to be lager partner at ICC Champions Trophy to be played in UK.
The apex court directed Mallya, who is currently in the United Kingdom, to appear before it on July 10 to argue on the quantum of punishment in the matter.
The company contented before the tribunal that the amount was paid outside India.
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.
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
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.
The Debt Recovery Tribunal (DRT) on Tuesday directed Diageo Plc not to disburse $40 million of the $75 million sweetheart deal to him.
The Survey shows fiscal consolidation despite slowdown in growth.
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
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