Nearly six months after he put the stake sale process of Whyte & Mackay on the fast track to find a solution to United Spirits' high leverage, UB Group Chairman Vijay Mallya is understood to be nearing a deal to offload 49 per cent stake in the flagship subsidiary.
United Spirits Ltd will launch five brands in China as part of its entry into the communist country's market.
Market regulator Sebi has sought additional details from global liquor giant Diageo with regard to its Rs 5,441 crore (Rs 54.41 billion) open offer for acquiring 26 per cent stake in UB Group firm United Spirits Ltd.
The offer price remains the same at Rs 1,440 per share.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
Launched in March 2010, McDowell's No 1 Platinum is a 100 per cent premium grain-based blend developed by Scottish master blender, Richard Paterson.
Decision of Indu Shahani, principal of Mumbai's HR College, to become a director of United Spirits raises an ethical issue.
Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
Saina Nehwal was forced to retire midway through her opening match but India's young brigade produced a clinical display to notch up a fine 3-2 win over Spain and get off to a winning start in the Uber Cup in Aarhus, on Sunday.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
The bankers also alleged that the Rs 594-crore claim at this point of time is a clear-cut tactics of UBHL to delay the process of justice, knowing fully well that the case is on the verge of disposal.
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.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
The money was paid to Mallya in two tranches in his offshore accounts.
United Spirits had a tough time in recent past due to management related issues. Going ahead, corporate governance is a big challenge, say experts.
Karnataka HC seeks probe into fund diversion by United Spirits.
The companies have postponed their open offer, too.
Brewing billionaire Vijay Mallya's woes seem to be compounding. His flagship spirits arm, United Spirits Ltd (USL), is starting to mirror Kingfisher Airlines.
Share purchase agreement awaits Karnataka HC decision on Kingfisher creditors' plea.
Diageo may not be able to recover $135 mn loan from Mallya firm
Having watched Virat Kohli's on-ield exploits from 22 yards, dashing Jamaican batsman Chris Gayle is not at all surprised with his Royal Challengers Bangalore captain's current form.
The focus will be on moving United Spirits consumers up the value chain.
On November 9, 2012 Diageo had announced buying a 53.4 per cent stake in USL for Rs 11,166.5 crore (Rs 111.66 billion) in a multi-structured deal.
He sold 8.84% stake for Rs 55 crore based on average stock price in September quarter.
There is no way out for Mallya's debt problems unless he sells some of his stake, says an analyst.
Sources say Diageo is pushing for a management control of United Spirits; and this has led Mallya to rethink on the offer.
Mallya had bought the pedigree scotch major, based in Scotland, for $1.2 billion in 2007.
United Spirits Ltd (USL), flagship spirits company of the UB Group, has finally decided on foreign currency convertible bonds (FCCBs) to raise as much as $225 million (Rs 1,190 crore). The plan is to raise up to $175 million, plus an over-allotment option of $50 million.
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Diageo, which recently coughed up a total of Rs 18,000 crore (Rs 180 billion) to take majority control of USL, seems to have a lot of faith in him.
According to the The Times, the move is a part of a drive to cut UB Group's $4 billion (2.5 billion pounds) debt.
United Spirits Ltd, owned by Vijay Mallya-controlled UB Group, is set to become the world's second-largest spirits firm by volumes, dislodging Paris-headquartered Pernod Ricard.
Ranibai Rajaram Chhabria, mother of late Manohar Rajaram Chhabria, has challenged the merger of Shaw Wallace with the UB Group saying she was entitled to a fifth of her deceased son's estate.
Liquor baron Vijay Mallya is mulling to divest around 49 per cent stake in United Spirits Ltd's UK-based wholly-owned subsidiary Whyte & Mackay (W&M), which it acquired for 595 million pounds in May 2007.
On Wednesday, the collector had issued an order in favour of the 17-banks consortium led by SBI to take physical possession of the villa
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Banks tighten hold on Mallya for defaults on KFA loans
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