The first auction of the property was led by State Bank of India and 17 other banks in March last year and was a failure. At the base price of Rs 150 crore, the property had no takers
United Breweries (UBL) has convinced him to step down from the company board and propose a successor
The company is filing 500 tax returns every year, just to keep the business compliant, claims the CEO. The Beer Cafe has raised over USD 10 million in foreign investment.
Britain’s Crown Prosecution Service (CPS), which will be arguing on behalf of the Indian authorities, had met a joint team of Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) officials in London last month to thrash out details of the case.
The Mumbai property failed to attract bidders even after lowering the reserve price to Rs 93.50 crore.
The hearing on allegations by banks that beleaguered businessman Vijay Mallya had allegedly transferred USD 40 million to his children violating court orders, could not take place in the Supreme Court today.
An email was sent on Wednesday in the evening by the company's Secretary and Senior Vice-president Govind Iyengar to Mallya in this regard. It was also filed with BSE.
MM Kumar, President of the National Company Law Tribunal, said the stringent law will put people involved in default to task.
At the jam-packed new rented space of DRT which was inaugurated today, Sreenivasan also disposed of as many as 20 Interlocutory Applications including several by Mallya and his companies.
Closure of AskMeBazaar was a writing on the wall since 2015. Top management hid from employees - Astro's key decision of not to invest any further.
The agency had recently expanded the probe in this regard as it took over investigation into the alleged loan default of Rs 6,027 crore availed from a consortium of nationalised banks led by SBI, a case also taken over by CBI recently. The fresh action is an aftermath of the new case.
In their second attempt at recovering a part of the dues of over Rs 9,000 crore from now defunct Kingfisher Airlines, lenders will re-auction the airlines' trademarks, including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' tomorrow, but at a lower reserve price of Rs 330.03 crore.
The decision to allow 100 percent foreign direct investment (FDI) in the aviation sector is going to help bring in more investment into the sector, said Ashok Gajapathi Raju, Union Minister for Civil Aviation.
Meanwhile, revenue officials in Goa have allowed the lenders to Kingfisher Airlines to take physical possession of 'Kingfisher Villa' in Candolim. The Villa, valued at Rs 90 crore, used to be Mallya's base in Goa and also the venue of many of the famous parties hosted by him during the `good times'.
ED officials, who had interrogated former Kingfisher Airlines Chief Financial Officer and key adviser, will be widening the scope of investigations, reports CNBC-TV18's Ritu Singh, quoting sources.
In his resignation letter to Rajya Sabha Chairman Hamid Ansari, he said he does not want his "name and reputation to be further dragged in the mud".
Seeking to recover their dues from businessman Vijay Mallya, lenders have initiated an auction of various brands and trademarks of the long-grounded Kingfisher Airlines, including its once-famous tagline 'Fly The Goodtimes', but bidders were hard to come by.
Mallya has been given a week's time to respond either in person or through his lawyer, says Karan Singh, chairman of the Rajya Sabha ethics committee.
ED has claimed that Vijay Mallya diverted loans proceeds from Kingfisher Airlines to buy properly in London and seeks to issue a non-bailable warrant against the liquor baron.
The diplomatic passport of the flamboyant 60-year-old industrialist, who has been in Britain for over a month and has refused to appear before the ED, was suspended by the External Affairs Ministry on the recommendation of the agency.
"Asset quality issues are issues of the past. They are legacy issues. Whether they will turnaround immediately, I don't really think so, not in the shipping sector at least," she told reporters on the sidelines of the maiden 'Maritime Summit' here.
California-based Mendocino Brewing Company, which sells a number of beer brands including Kingfisher in the US, has got Mallya as its Chairman and is owned by UB Group through a complex shareholding structure.
Beer maker Heineken International today consolidated its stake in United Breweries Ltd (UBL) by picking up over 21 lakh shares of Vijay Mallya-led firm for Rs 179 crore through open market transactions.
Expanding its probe, the CBI is looking into about six lakh banking transactions, over 60 per cent of them made to foreign countries, related to over Rs 7,000 crore banks loan default case involving liquor baron Vijay Mallya.
Heineken acquired a 37.5 percent stake in United Breweries in 2008 through its takeover of Scottish & Newcastle and has since increased its holding to 42.4 percent.