Vijay Mallya

Sources tell CNBC-TV18 that Diageo is looking to sell shares of United Breweries to recover the loan amount of USD 135 million guarantee encashed by Standard Chartered Bank.

Vijay Mallya has stepped down from United Spirits and has secured a mutual release agreement with Diageo. Abanti Sankara-Narayan of United Spirits says that the agreement is an affirmative action to end Mallya's association with USL. In an interview to CNBC-TV18 Abneesh Roy, Analyst at Edelweiss shared his analysis.

Mallya Exits USL!

In an interview to CNBC-TV18, Prakash Diwan of prakashdiwan.in spoke on the outlook for the market going forward, his views on the expectations form Union Budget, on tweaking of SDR norms by RBI and on the news of Vijay Mallya's resignation from USL.

Post the deal, Heineken is likely to reshuffle the entire United Breweries board.

Vijay Mallya and the United Breweries Holdings Limited have moved the Delhi High Court against being declared ‘willful defaulters‘.

CBI has registered a case against Mallya, Director of defunct Kingfisher Airlines; the company; A Raghunathan, Chief Financial Officer of the Airlines; and unknown officials of IDBI Bank.

Vijay Mallya,United Spirits,Diageo,UB Group entities,UB Group entities,Kingfisher Airlines.

USL Open Offer - Incomplete Disclosures?

Stakeholders Empowerment Services Founder and Former ED at Sebi J N Gupta says that even the shareholders were unaware of the attached transactions related to the purchase.

Sources say the SFIO has already sent notices to United Breweries, Kingfisher Airlines and United Spirits and is likely to summon Vijay Mallya, executives of United Breweries and United Spirits

Heineken has offered to buy out the 29 percent stake in United Breweries Limited from the UB Group and is seeking to take over management and operational control completely.

Lending banks have now approached the DRT, asking them to compel Vijay Mallya to declare all his assets, which are mainly his real estate holdings.

Diageo says one of Vijay Mallya's company has defaulted on a loan to Standard Chartered Bank. And since this, Diageo gave a conditional back-stop guarantee of USD 135 million for this loan, the company may take a hit if the bank chooses to encash this guarantee

The deal if it goes through is expected to be most high profile deal in the real estate space for the city.

Mallya had moved the apex court seeking to restrain ED from initiating criminal proceedings. SC has now said that ED is at liberty to initiate criminal proceedings.

The removal of director is the prerogative of the shareholders, while the board can uninamously remove a chairman, explains Pratibha Jain, Partner at Nishith Desai Associates.

CNBC-TV18 has learnt that bankers are filing a fresh case against Mallya's United Breweries after KFA defaulted on a pre-delivery payment loan.

Deepak Fertilizers sold 12 percent stake in Mangalore Chemicals through a block deal on Monday.

Post BJP taking the ordinance route to bring about changes in the Land Bill, the leading opposition have cried foul calling it an arm-twisting tactics to grab land of the poor in the name of industrialization.