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.
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.
He has also said that the overall mood of the Indian consumer remains subdued
Diageo gets assurance, Heineken may seek one, too.
The Rs 4,000 crore (Rs 40 billion) United Spirits will be merging Shaw Wallace with itself. United Spirits, a part of the UB Group, had acquired Shaw Wallace for around Rs 1,300 crore (Rs 13 billion) in mid-2005 .
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Vijay Mallya has lost control of his companies.
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.
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.
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'
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.
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.
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
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.
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.
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 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.
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
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.
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.
Mr Mallya's United Spirits, the third-largest spirits group in the world, acquires both a global footprint and a quality label.
A tribunal on Monday halted a $75-million settlement due to be paid by Diageo Plc to Mallya.
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.
Diageo asks Mallya to quit USL board; alleges fund diversion
Mallya showed his net worth at Rs 615 crore, mainly in shares and bonds.
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.
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
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.
Diageo Western Europe President John Kennedy would will take responsibility for Russia, Eastern Europe and Turkey as President, Diageo Europe.
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
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.
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.
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.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
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