Free Press Journal
  • vijay mallya

    Mallya Vs Diageo: Sebi to look into disclosure, other lapses

    New Delhi: With liquor giant United Spirits asking its own Chairman Vijay Mallya to quit, markets watchdog Sebi and other regulatory agencies have begun looking into suspected irregularities at the company, including about the alleged fund diversion and disclosure-related lapses. United Spirits Ltd (USL), in which Mallya-led UB Group has sold controlling stake to UK-based Diageo Plc, asked Mallya to step down as Chairman and Director after an inquiry revealed fund diversion in

  • Vijay Mallya

    Mallya sinking deeper & deeper into trouble

    Industrialist Vijay Mallya, reeling under the impact of the grounding of Kingfisher Airlines, has been struck by another thunderbolt with the United Spirits Limited board deciding that he be removed as chairman because it has lost faith in him after a PricewaterhouseCoopers into the company’s books found “improprieties and violations.”

  • Deepak fert sells 12.1% stake in MCFL

    Mumbai : Deepak Fertilisers sold over 12% stake in Vijay Mallya-led UB Group’s Mangalore Chemicals and Fertilisers Ltd (MCFL) for an estimated Rs 125.69 crore, through open market route, reports PTI.

  • Vijay Mallya

    Loan recovery: SBI consortium takes over Kingfisher House

    Mumbai: Clamping down on Vijay Mallya led UB Group to recover loans, a 17-bank consortium led by state-run SBI today took over possession of the prized Kingfisher House, estimated to be worth Rs 100 crore. The banks have taken possession of the over 17,000-sq ft property at Vile Parle, near the domestic airport here, as part of their efforts to recover the Rs 6,800 crore loan they had granted to the long-grounded Kingfisher

  • 17 Banks File Contempt Plea Against Mallya

    Bengaluru : A contempt application was filed by a consortium of 17 banks in the Karnataka High Court against liquor baron Vijay Mallya, his grounded airline Kingfisher Airlines and UBHL for allegedly violating an undertaking given to the Debt Recovery Tribunal (DRT) that they would not alienate unencumbered assets nor deal with them. “We have filed a contempt application in the High Court against Kingfisher Airlines, United Breweries Holdings Limited (UBHL) and

  • United Bank Dubs UB Holding As Wilful Defaulter

    New Delhi : In fresh trouble for liquor baron Vijay Mallya, United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter, reports PTI.

  • Mangalore Chem Up Over 9% As Mallya Quits Board

    Mumbai : Vijay Mallya resigned from the board of Mangalore Chemicals & Fertilizers Ltd, the company said in a notice to the exchanges, after a long drawn out battle between Zuari Agro Chemicals Ltd and Deepak Fertilisers and Petrochemicals Corp Ltd for control of the company fizzled out into an anti- climax with no clear winner emerging.

  • Vijay Mallya

    Mallya resigns from board of UB group fertiliser firm MCFL

    New Delhi: In a surprise move, Vijay Mallya has resigned as director from his group firm Mangalore Chemicals and Fertilizers, which is the target of a takeover battle between Deepak Fertilisers and Zuari Group.

  • UCO Bank names KF as ‘wilful defaulter’

    Kolkata:  City-based UCO Bank said it has “identified” Vijay Mallya-owned Kingfisher Airlines (KFA) as a “wilful defaulter” and will be sending a notice to the defunct carrier.  Other banks like State Bank of India and Punjab National Bank are also mulling this route. United Bank of India has already declared KFA a ‘wilful defaulter’ for defaulting a loan of Rs 350 crore.  Beside KFA, UCO Bank will also send a notice to

  • To recover Kingfisher Air loans:  Pvt banks

    Mumbai:  Private sector banks, which have shied away from tagging Kingfisher Airlines chairman Vijay Mallya a ‘wilful defaulter’ as some key public sector lenders have done, say that they are exploring “all options” to recover their loans.  The third largest private sector lender Axis Bank and the south-based Federal Bank, have said they have not classified KFA, Mallya and his key officials as wilful defaulters.  United Bank of India, PNB, SBI and

  • Mallya drops out of India’s 100 richest club

    Singapore,:  UB Group Chairman Vijay Mallya is no longer a member of India’s 100 Richest club, even as fortunes of the country’s uber-rich have seen a significant growth since last year.

  • ‘Kingfisher loan default only a trickle’

    New Delhi : As industrialist Vijay Mallya fights his wilful defaulter tag, former CAG Vinod Rai has said Kingfisher Airlines’ loan default is just a “trickle” and the overall problem of huge bad loans at public sector banks can be blamed on ‘cronies’ using connections to borrow money.

  • PNB challenges HC order allowing Kingfisher to be represented by lawyers

    New Delhi : Punjab National Bank has challenged a Delhi High Court order allowing lawyers to represent Kingfisher Airlines in proceedings initiated by the bank to decide whether the grounded carrier and its regulators are wilful defaulters for non-payment of dues, reports PTI.

  • MCFL stake buy gets CCI nod: Deepak Fert

    New Delhi : Deepak Fertilizers informed stock exchanges that the Competition Commission has approved its proposal to acquire additional 26% stake in Vijay Mallya group firm Mangalore Chemicals and Fertilizers. Deepak Fertilizers as well as Zuari Agro Chemicals are looking to take over MCFL.

  • Two rival bidders gets Sebi okay for Mallya Group’s MCFL

    Mumbai: Market regulator Sebi has given its go-ahead to two rival bidders who have made offers for acquisition of additional stakes in Vijay Mallya-led UB Group’s Mangalore Chemicals and Fertilisers Ltd (MCFL). Two rival bidders, Deepak Fertilisers and Zuari Fertilisers, among which the latter has been joined by the existing promoters of MCFL as ‘persons acting in concert’, had filed draft offer documents on May 8 and May 27 respectively. Saroj Poddar-led

  • Vijay Mallya

    Sebi seeks clarification on rival bids for Mallya group’s MCFL

    Mumbai: Market regulator Sebi has sought clarifications from two rival bidders who have made offers for acquisition of additional stakes in Vijay Mallya-led UB Group’s Mangalore Chemicals and Fertilisers Ltd (MCFL).