Shares of United Spirits on Thursday fell nearly 4 percent after the firm reported a decline of 57.82 percent in its consolidated net profit for the fourth quarter ended March 2020
Diageo Plc, the world’s largest spirits maker, is exploring options to delist its Indian arm, United Spirits Ltd, by buying out minority shareholders, CNBC TV-18 reported on Monday
Fixed deposits and tax-free bonds seem to be among the most favoured financial investments for the political leaders fighting the 2019 Lok Sabha polls
Vijay Mallya's defiance prompts Securities and Exchange Board of India to seek changes to Companies Act
In its proposal, SEBI has referred to its interim order dated 25 January, 2017, through which the regulator had barred Mallya and six others from holding directorship in any listed company till further directions.
Diageo group was allegedly required to make an open offer due to the status of USL had changed from being an entity jointly controlled by the UB Group and the Diageo to a solely controlled entity of Diageo Group in November, 2015
Sebi will coordinate with other regulators and govt agencies, while information would be sought from foreign regulators if required
Shares of United Spirits jumped 17.64 percent to close at Rs 3,029.40 on BSE
Diageo has stopped payment of US $7 million a year to Vijay Mallya as part of the deal
Diageo had last year paid US $40 million to Mallya as part of its payout package.
Last month, Sebi had banned Mallya and six former officials of United Spirits Ltd (USL) from securities markets in a case related to illegal fund diversions, while probe is on into the role of auditors and change of control at the company.
"Till this minute, there is no final judicial determination on what KFA owes to banks and what I may owe in my personal capacity after trial," Mallya tweeted.
This is separate from an 'additional payout' that Sebi had ordered Diageo in June last year to pay to the minority shareholders, who had tendered their shares in an open offer in 2012,
Vijay Mallya alleged that there is a witch-hunt against him by the government.
The markets regulator also said the “aspect of change in control of USL” that followed the agreement between Diageo and Mallya is being examined separately.
The fresh order today in favour of the lending cosortium will allow them to initiate the recovery proceedings and confiscate his properties
The villa was owned by United Breweries Holdings, and mortgaged by the now-grounded Kingfisher Airlines to the consortium of banks to obtain loans in 2010.
The court had on 20 April convicted Kingfisher Airlines, Mallya and Raghunathan, in connection with two cheque bounce cases involving Rs 50 lakh each, under relevant sections of the Negotiable Instruments Act
In February, Mallya struck a 'sweetheart deal' with USL under which he is to get more than Rs 500-crore payout to leave the company besides being absolved of any 'personal liability' at that time.
USL said Mallya diverted funds to over half a dozen companies, having direct or indirect interest
A day after United Spirits disclosed Rs 1,225 crore fund diversion by the erstwhile promoters to entities linked to Vijay Mallya, the embattled businessman on Sunday said all transactions were "legal and above board" and the company was now making "unfounded allegations".