The bank had issued the notice alleging the carrier has wilfully defaulted in payment of outstanding dues of more than Rs 770 crore (Rs 7.7 billion).
For his 60th birthday in December, which he called his third 20th birthday, Mallya flew in Enrique Iglesias to perform at his villa overlooking the beach in Goa.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
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.
The money was paid to Mallya in two tranches in his offshore accounts.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
The company hires Accenture for financial re-engineering, including slashing of debt ratios; changes to be visible soon
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.
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 sale came when Mallya was trapped in a sea of debt, mainly as a result of the losses his now grounded carrier, Kingfisher Airlines, had been piling.
Kiran Mazumdar-Shaw talks to Nikita Puri about her book Mythbreaker.
Banks are seeking an order that Mallya should appear in person before the court.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
The S&P BSE Sensex ended 190 points up at 23,382.
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
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.
The CBI has shared its findings with the Enforcement Directorate.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
The analysis covers BSE 200 Index's 171 companies for which data on the compensation to the boards of directors for FY14 and FY13 are available.
Soon after acquiring strategic management control of Vijay Mallya's crown jewel, United Spirits, Diageo has swung into action, making up for years of lost time in trying to figure out the Indian market.
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 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.
The parent entity, (Holdings) Ltd, have also expressed concern over the company's significant exposure to the airline.
Following the Supreme Court ruling against liquor being sold within 500 metres of state and national highways, the infamous Indian jugaad is in play once again. Veenu Sandhu, Nikita Puri, Ranjita Ganesan & Avishek Rakshit find out how India is coping.
Urban Indians are developing a taste for freshly brewed and bottled craft beer.
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.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
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