Wants details of Vijay Mallya transactions over 4 years
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
Mallya and UBHL now hold a little over 3.3 per cent in USL.
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
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.
A phased roll-out of prohibition will hit revenues of companies, which get 5% of their volume sales from the state
The company secured independent valuation for these properties and had shared the same with Mallya
Banks have already sold the pledged shares of Mangalore Chemicals and Fertilisers, realising around Rs 100 crore. Mallya and group companies have pledged over 97 per cent of the USL shares with various banks and others, which according to current market prices is worth over Rs 6,500 crore (Rs 65 billion).
USL is already contesting a Karnataka High Court order.
According to various senior UB Group officials, the strategy of 14 power brands' focus is expected to be rolled out soon.
Diageo-led United Spirits pulls out one more lifeline from UB Holdings.
In 2012, Diageo signed a deal to buy stake in USL.
Stakeholders' Empowerment Services (SES) has advised Diageo to renege on its deal with United Spirits (USL) chairman Vijay Mallya.
Auditors and promoter entities linked to the UB Group have come under scanner of multiple regulatory agencies for alleged irregularities.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
With this, Heineken's stake has risen from 39% to 42.2%.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
Banks who had lend to Kingfisher Air are finding it difficult to recover dues.
United Spirits wants to align its resources to meet its goals of becoming a trusted and respected consumer goods company.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
Mallya and his group firms are already facing a probe by Enforcement Directorate for alleged diversion of loans taken by long-grounded Kingfisher Airlines
Interview with Joint President & CFO, United Spirits Limited.
The new Diageo management had asked Vijay Mallya to step down.
Sebi to look into disclosure, other lapses in the Vijay Mallya, Diageo case.
The CCI in an order dated February 26 approved Diageo's proposed majority stake purchase in Mallya-led United Spirits, saying the deal would not have adverse impact on competition.
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.
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.
To pay 10 per cent interest for the period of delay.
Mallya said he was being advised by lawyer Harish Salve.
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.
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
In January, Sebi had barred Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.
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.
The firm has advised United Spirits Ltd's shareholders to vote against the proposal to re-appoint Mallya as director on the board.
Encouraged by the buzz created among the consumers by the Black Dog 12-year-old deluxe, the company has now decided to launch the 8-year-old centenary variant of the brand. Despite a tagline reading "Proudly old-fashioned since 1883", it has tried to make a connection with the younger lot. With the existing restrictions on liquor advertising, USL has promoted the brand by having strong on-trade presence through exclusive tie-ups with retailers.
The offer is to close on April 26 and the price is fixed at Rs 1,440 a share.
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
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.
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