Vijay Mallya

Third Special Court Magistrate M Krishna Rao also imposed Rs 20,000 fine in each case on Raghunathan after the latter appeared before the court.

Sources told CNBC-TV18 that private bank may have sold company's pledged shares while Heineken is likely buyer in block deal.

Vijay Mallya's recent plea to come back is to comply with summons order for a 1995 Foreign Exchange Regulation Act (FERA) violation case against him.

Mallya, who did not attend the company‘s AGM today, in a statement, said that the company is looking to roll out new products this fiscal as well as rework on its existing products. The company sold 15.5 crore cases last year.

The ED has a stronger case against Mallya to issue the Red Corner notice, said sources, adding, Interpol is expected to reach a decision on the case by September.

The SBI had earlier led a consortium of banks that filed a plea in the Supreme Court seeking contempt proceedings against Mallya.

Metropolitan Magistrate Sumeet Anand passed the order for bringing Mallya in court on November 4, with the direction that the non-bailable warrant be sent to him by Ministry of External Affairs as he is reportedly in London.

The action comes after the liquor baron skipped appearance before a PMLA court last Friday in connection with a money laundering probe against him in an alleged Rs 900 crore IDBI Bank loan case.

In April this year, the apex court had directed Mallya to disclose all assets held by him and his family. This comes after his offer to pay Rs 4,000 crore to settle his debts was rejected by the creditors.

A bench comprising Justices Kurian Joseph and R F Nariman agreed to hear the fresh interim application of banks on July 18 after Attorney General Mukul Rohatgi mentioned it for urgent hearing.

United Spirits will be holding its 17th Annual General Meeting — the first since the time Vijay Mallya severed ties with the company earlier in the year — in Bangalore on Thursday, reports CNBC-TV18's Rukmini Rao.

The Enforcement Directorate (ED) claimed in the court that Shah had made Rs 76-crore worth bogus deals in the NSEL scam.

USL will be submitting an EY Audit report to the Enforcement Directorate (ED) & Serious Fraud Investigation Office (SFIO) following which the ED & SFIO are expected to bring in EY & USL's top management for questioning the report.

Embattled liquor tycoon Vijay Mallya is likely to step down as Chairman of United Breweries Ltd at a meeting that will be held soon.

While the proclaimed offender tag does strengthen the Enforcement Directorate‘s case to get Mallya extradited from the UK, Interpol cannot issue a Red Corner Notice purely based on the tag.

The assets include his bank balance of Rs 34 crore and a flat in Bangalore and Mumbai each. The UB Towers in Bangalore are also part of the list of assets.

"Extradition is the only way to bring him back here, but the extradition process with the UK is very complicated and we are working on the legal process," Union minister Jayant Sinha today said.

The Interpol has completed an initial review of India's application seeking a red-corner notice (RCN) against beleaguered tycoon Vijay Mallya and has decided there is no case to issue a notice rightaway.

During the proceedings, the DRT here also took the bankers to task for not exercising due deligence and take appropriate action to prevent Mallya from receiving USD 40 million.

After the UK government declined India‘s request to deport the liquor baron, the Enforcement Directorate (ED) had written to the CBI to issue a RCN against him, which got approved later today.