United Spirits Ltd News

While some entities linked to Mallya are already being probed by Sebi and other agencies, any fresh disclosure in the leaked documents made public by ICIJ (International Consortium of Investigative Journalists) would be thoroughly looked into, senior officials said.

United Spirits Ltd (USL) plans to sell 13 properties, earlier owned by its former Chairman and promoter Vijay Mallya, who has failed to buy back within an agreed deadline.

The board of United Breweries Wednesday asked Vijay Mallya to step down as its non-executive chairman following a SEBI order which barred the embattled businessman from holding directorship in any listed company.

In an additional enquiry, United Spirits Ltd (USL), the Diageo Plc-controlled company, said that Vijay Mallya and his firms have diverted funds over Rs 1,225.30 crore between October 2010 and July 2014.

Financial services firm ECL Finance has invoked 9.30 lakh shares of United Spirits, worth about Rs 234.92 crore, pledged by Vijay Mallya-led McDowell Holdings Ltd.

Financial services firm ECL Finance has invoked 72,250 shares worth around Rs 18.25 crore of Diageo-led United Spirits pledged by United Breweries (Holding) Ltd (UBHL)

Kingfisher Airlines chairman Vijay Mallya on Tuesday claimed that he was in talks with banks to settle dues of the defunct airline, saddled with a whopping Rs 8,700 crore loan.

In fresh troubles for Vijay Mallya-led UB Group, the Serious Fraud Investigation Office (SFIO) is probing alleged fund diversions by the long-grounded Kingfisher Airlines to other group firms and has sought details from United Spirits in this regard.

Vijay Mallya-led United Breweries (Holdings) Ltd on Friday said it has not defaulted on payment of interest to its erstwhile group firm United Spirits Ltd (USL), a day after USL said it is initiating process to recover dues totalling Rs 1,337 crore.

The ICAI has powers to initiate disciplinary action against auditors if they are found to have indulged in malpractices.

Liquor firm United Spirits Ltd (USL) today said its Executive Director (ED) and Chief Financial Officer (CFO) P A Murali has resigned from the company.

Vijay Mallya-led United Spirits Ltd on Friday said it has got necessary approvals from the High Court of Karnataka to transfer of a distillery in Tamil Nadu to Enrica Enterprises.

Liquor major United Spirits Ltd Saturday posted 21.58 percent increase in net profit at Rs 78.81 crore for the third quarter ended December 31.

USL's scrip climbed 6.63 percent to settle at Rs 3,050.45 on the BSE. During the day, it gained 9.85 percent to Rs 3,142.55 -- its 52-week high. At the NSE, shares of USL soared 6.30 percent to end at Rs 3,037.

The company said 76.33 percent of the minority shareholders approved its proposal, a tad over the 75 percent requirement.

United Spirits Ltd will sell 11.35 percent stake in Pioneer Distilleries Ltd to comply with regulatory requirements of having 25 percent public shareholding.

Leading stock exchange BSE Thursday revised the circuit limits--a range that stocks can trade in-- for United Spirits Ltd and 18 other companies, as part of surveillance action.

The Board of United Spirits Ltd, now controlled by Diageo, has ordered a probe into the loans given by United Spirits to UB Group companies as it posted a whopping net loss of Rs 4,488.77 crore for the financial year ended March 31, 2014.