Vijay Mallya

Reeling under tremendous debt-burden, Mallya, through United Breweries and other group companies, agreed in November to sell stake in United Spirits, India's largest distiller, to Diageo.

The Karnataka High Court (HC) on Tuesday gave a breather to Vijay Mallya after it kept its summons in abeyance till the audit report of the USL-Diageo deal is submitted.

The Karnataka High Court has pulled up UBHL for non-compliance of its earlier order.

CNBC-TV18's Kritika Saxena learns from sources that global beer major will hike stake only if lenders opt to liquidate.

In the past two months, Saroj Kumar Poddar has jumped into two corporate takeover battles. The chairman of Adventz group has been giving sleepless nights to industry veterans like Vijay Mallya, Shailesh Mehta and Om Kothari.

Global drinks firm Diageo said on Thursday it had acquired a 25 percent stake in United Spirits, considerably less than the London-listed firm had originally hoped for.

SP Tulsian of sptulsian.com advised exiting Kingfisher Airlines. United Breweries will definitely bounce back to the level of Rs 700 or so, he added.

The Transport Secretary, Vijay Chhibber has said that the quadricycle norms will be notified in approximately 10 days and will kick in with immediate effect reports CNBC-TV18's Ronojoy Banerjee. Chibber has said that the Transport Ministry is supporting the creation of the new vehicle category.

Kingfisher has also seen key executives dessert the sinking ship over the past two weeks.

CNBC-TV18‘s Gopika Gopakumar reports that PSU banks have begun to use publicity to recover dues from big borrowers.

Diageo‘s open offer to acquire a further 26% stake in the Vijay Mallya-owned United Spirits has failed. CNBC-TV18‘s Kritika Saxena reports the break-up of that data and what it means for both the companies.

In a rare act of aggression, lenders to Kingfisher Airlines have invoked the personal guarantee offered by promoter Vijay Mallya.

Kingfisher Airlines is not just bleeding cash, it's bleeding aircraft as well. DVB, an international aviation lessor bank has petitioned for urgent release of its aircraft leased to the airline.

CNBC-TV18's Sunanda Jayaseelan reports that section of KFA employees remained irate as Mallya offered fresh hope on the payment of overdue salaries

Union aviation minister Ajit Singh says, on CNBC-TV18, that the government favours the AirAsia-Tata JV and adds that there will be no shortcuts in the due diligence process required before issuing the licence for operations.

Liquor baron Vijay Mallya today said United Spirits and Diageo Plc have received all regulatory approvals for their Rs 11,166.5 crore deal under which the Indian spirits maker will sell 53.4 per cent to the UK-based firm.

A possible end to the two-year-long Kigfisher saga is visible after the SBI-led consortium of lenders decided to recall loan given to the troubled airlines. Most analysts were expecting the banks to take this drastic step and say the focus now will be on liquidation of assets.

SP Tulsian of sptulsian.com says that sufficient funds would be available for meeting Kingfisher's debt by the realisation of the UB Holdings‘ shareholdings and opines on CNBC-TV18 that the agreement reached to recall the loan has been structured to benefit both the banks and the promoters.

Banks finally put an end to the lingering loan recast issue with the debt ridden Kingfisher Airlines (KFA). They decided to recall loans from the company after meeting the management here in Mumbai on Tuesday late evening.

The meeting between bankers and management of ailing Kingfisher Airlines tomorrow is being considered crucial as it will determine the future course of action by lenders.