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.
United Spirits Limited clocked sales volume of 100 million cases for the fiscal ended March 31, 2010, becoming the world's second largest spirit company by volumes, UB group chairman Dr Vijay Mallya,announced on Wednesday.
Vijay Mallya has been burdened for the past three years with debt at United Spirits spiralling and Kingfisher Airlines, well, on a downward spiral.
'USL owes us Rs 4.5 crore from November to March apart from the rest of this year. We will file a case of creditors' liquidation against USL within the next couple of days'
Prime Minister Narendra Modi on Sunday said his government has always taken care of the welfare of Sri Lankan Tamils and 'consistently' flagged the issue of their rights with the leaders in the island nation.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
A total of 17 cases have been filed against Kingfisher Airlines in different courts over outstanding amount of Rs 22.5 crore, which it owes to GMR
In 2005, Vijay Mallya-led United Breweries acquired Shaw Wallace & Company, following which it was merged with the group's flagship company USL last year.
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.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
The UB Group, which is an established leader in the Indian beer and spirits market, is aiming to replicate its success by addressing the wine market with its two companies - United Spirits and United Breweries.
Johnnie Walker, the largest Scotch whisky, was also helped by healthy growth in India and South Africa.
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.
Among other major companies, Cox & Kings made a total investment of $39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.
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.
A tribunal on Monday halted a $75-million settlement due to be paid by Diageo Plc to Mallya.
Mr Mallya's United Spirits, the third-largest spirits group in the world, acquires both a global footprint and a quality label.
Shutting of stores had not stopped alcohol sales. On the contrary, it had increased black market operations and peddling of illicit hooch, which could cause death/serious injury.
Diageo asks Mallya to quit USL board; alleges fund diversion
Mallya showed his net worth at Rs 615 crore, mainly in shares and bonds.
Merger and acquisitions is the toast of the season and a full platter of deals is expected to hit the table very soon in the consumer goods space involving leading players like HLL, Dabur, Marico and United Spirits.
Experts are of the opinion that though the second half of this financial year will see some recovery, volume growth is likely to remain in single digit as compared to the double-digit rise recorded in past years.
Much of this has been made possible by the owners's insistence on building a team, rather than banking on a collection of talented individuals not necessarily suited to play alongside one another.
Of the 16 FMCG firms, 12 companies saw an increase in their respective foreign institutional investors holding in three months ended September 2013 over the year-ago period, while the remaining four witnessed a decline in FIIs stake, according to a report by A C Choksi Share Brokers.
SBI had moved the Debt Recovery Tribunal because Mallya owes over Rs 7,200 crore to a consortium of banks led by State Bank of India
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
Diageo Western Europe President John Kennedy would will take responsibility for Russia, Eastern Europe and Turkey as President, Diageo Europe.
The Vijay Mallya-promoted UB group has started examining the books of the Scotland-based Whyte & Mackay as a precursor to acquiring the foreign company for the reported pound 550 million
The liquor company is going all out to ensure it captures significant share in the market.
Mankekar has significant stakes in USL, Talwalkars, etc, but the worth of his overall holdings isn't known.
In a conversation with Business Standard after an eventful annual general meeting of Kingfisher, he clears the air on many aspects.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Tech Mahindra and United Spirits will replace them in the 50-share index of the National Stock Exchange with effect from March 28.
The agency did not seek a reappointment in FY12.
Bombay high court on Tuesday refused to restrain banks from selling shares of United Spirits pledged as security against loans to Kingfisher.
The stock exchanges have raised various concerns mainly about two UB Group firms -- Kingfisher Airlines and United Spirits -- for not providing required disclosures and not adhering to deadline regarding finacial results and the annual general meeting.
UB Group Chairman Vijay Mallya's grip on United Breweries slipped further on Thursday, after lenders to UB Group companies offloaded a part of the stake in Kingfisher beer that was pledged to them.
The acquisition of United Spirits will arm Diageo with a formidable mass-market portfolio, but consumers are up-trading rapidly.
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