Vijay Mallya arrested in London, gets bail
The Dollar Business Bureau Embattled business tycoon and liquor baron Vijay Mallya, who is wanted in India in the loans defaulting case, was on Tuesday arrested by the Scotland Yard in London on extradition request by India on fraud charges. The 61-year-old flamboyant businessman has been announced a proclaimed offender by India, was arrested when he appeared at a police station in central London on Tuesday morning. However, he was soon released on bail just after a few hours. “Officers from the Metropolitan Police's Extradition Unit this morning arrested a man on an extradition warrant. Vijay Mallya was arrested on behalf of the Indian authorities in relation to accusations of fraud,” said a statement from Scotland Yard. Mallya appeared at the Westminster Magistrates' Court in ...
UB board asks Vijay Mallya to step down after SEBI order
The Dollar Business Bureau After the release of a SEBI order that bars Vijay Mallya from holding the position of directorship in any listed enterprise, he was asked to resign from non-executive chairmanship of United Breweries (UB) by the board of directors. The board unanimously asked the controversial business magnate to step down on February 8, 2017. The board's request was conveyed to Vijay Mallya via email, stating that in the absence of a stay or vacation of the SEBI order, he would have to step down with immediate effect. Also, until a stay of the order is obtained by Mallya, the board has decided not to share with him any privileged information such as the agenda of board meetings. On counts of misappropriation of funds, violation of listing agreement and fraud, six other former United Spirits ...
No bidders for Mallyas Kingfisher, trademarks
Source: PTI Auction of brands and trademarks of Kingfisher Airlines turned out to be a damp squib today as lenders failed to attract a single bidder for sale of these pledged assets at a reserve price of Rs 366.70 crore in their efforts to recover unpaid loans from beleaguered Vijay Mallya. This is the second failed attempt by the 17—bank consortium led by state—run behemoth SBI to recover some money from Mallya, after an earlier auction of Kingfisher House — the erstwhile headquarters of the long-defunct airline — met with a similar fate, with no bidder coming forward. The items on sale during today’s e—auction included the the Kingfisher logo as also the once-famous tagline ‘Fly the Good Times’ The other trademarks on ...
How the IndiGo IPO leads us to the question of right foreign investments in the aviation industry
Steven Philip Warner | The Dollar Business For those hopefully expecting an Indigo Airlines IPO in the last few days of this month, here’s an insider leak – the IPO won’t be out until late-July. Last fourteen days of July 2015 is when the window has been decided. The IndiGo management for now isn’t sure of the date either. Whatever the uncertainties over India’s largest carrier going public, one thing’s for sure – the market definitely expects IndiGo to get this one right too! We’re not just talking of the euphoria over a ‘healthy airline’ (much of an oxymoron these days in India) being listed. Speculations are rife about what IndiGo will do to get engaged with foreign investors – be ...
