In a major jolt to liquor baron Vijay Mallya, the Karnataka high court on Tuesday ordered the winding up of United Breweries (Holdings) Ltd (UBHL), the parent company of UB Group, for recovering dues payable by the UBHL-promoted defunct Kingfisher Airlines Limited. “This court has come to a conclusion that the respondent company UBHL deserves to be wound up for failure to discharge their duties to pay up their creditors,” Justice Vineet Kothari said in his order allowing petitions ... Rediff.com, 1 week ago
The office of former prime minister Manmohan Singh may have taken a special interest to try and keep afloat Vijay Mallya’s ailing Kingfisher Airlines against the run of play, e-mails and letters claiming this and accessed by CNN-News18 indicate. In a series of e-mails and letters making these claims, Mallya thanked the former PM for sparing the time to talk to him and also acknowledged that former principal secretary TKA Nair spoke to the ministries concerned -- apparently civil aviation ...Rediff.com, 3 weeks ago
The order brings an end to the nearly three-year legal battle in the Tribunal by the consortium, comprising 17 banks, to recover the money owed to them by the defunct airlines. The Debt Recovery Tribunal on Thursday ordered the State bank of India-led consortium of banks to start the process of recovering Rs 6,203 crore (Rs 62.03 billion), at annual interest rate of 11.5 per cent, from embattled tycoon Vijay Mallya and his companies in the Kingfisher Airlines case. "I hereby ask the bankers to ...Rediff.com, 1 month ago
First case filed after new norms come into force, NCLT admits plea. The National Company Law Tribunal admitted on Wednesday an insolvency petition filed by UB Engineering Ltd, part of the Vijay Mallya-owned UB Group. Its Mumbai bench, where the petition was filed, appointed insolvency professional A K Mehta to initiate the process. “This is the first such case NCLT has admitted (under the new law),” a person who was part of the filing process told this newspaper. Following the ...Rediff.com, 1 month ago
United Breweries says sales could fall by 40% following court ban. United Breweries Ltd, India’s largest beer maker and majority-owned by Dutch firm Heineken, has said that its sales of the alcoholic beverage could drop by 40 per cent once the Supreme Court ban on liquor shops on highways comes into effect in April. The estimates were arrived at after mapping the liquor outlets and sales in these stores, executives of the company said on Thursday. On December 15, the court, on a ...Rediff.com, 1 week ago
The department of economic affairs is said to be in discussions with various probe agencies, including the income tax department and the Enforcement Directorate, and bankers in drafting the final rules. Image: The move is triggered by beleaguered businessman Vijay Mallya, who is in the UK for nearly a year, being declared a ‘wilful defaulter’ by lenders for non-payment of loans over Rs 9,000 crore by his now-defunct Kingfisher Airlines. Photograph: Reuters. The government is ...Rediff.com, 2 weeks ago
Central Bureau of Investigation director Anil Sinha retired from the post on Friday, handing over the baton to his second-in-command, Gujarat-cadre Indian Police Service officer Rakesh Asthana, as the government did not name any full-time chief. Asthana, a Gujarat-cadre officer of 1984-batch, got elevated as the second-in-command in the CBI two days ago when Special Director R K Dutta, who was among the frontrunners for the top post, was shifted to the Home Ministry as a special secretary. The ...Rediff.com, 2 months ago
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