USL News

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.

Sebi is all likely to order additional payout for small investors through a fresh open offer concerned over the 'loss' caused to United Spirits' minority shareholders due to $75-million sweetheart deal between its erstwhile promoter Vijay Mallya and new owner Diageo.    

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 today said all transactions were "legal and above board" and the company was now making "unfounded allegations".

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.

A Delhi court on Saturday cancelled the exemption granted to liquor baron Vijay Mallya from personal appearance in a case lodged for allegedly evading summons in connection with a FERA violation case.

A consortium of banks led by State Bank of India Wednesday filed counter objections against Vijay Mallya-controlled UBHL's claim of Rs 594 crore from them for compensating the losses incurred by it due to the sale of USL equity shares by lenders at 'cheaper rate'.

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.

The Supreme Court will hear on Wednesday a plea filed by public sector banks seeking a direction that liquor baron Vijay Mallya be restrained from leaving India.

In a move that may compound woes of liquor baron Vijay Mallya, the Supreme Court Tuesday agreed to hear on Wednesday a plea of 13 banks, which had advanced loans of over Rs 9,000 crore to his firm, seeking a direction to restrain him from leaving India.

The consortium of 17 lenders to the long grounded Kingfisher Airlines have decided to move the Debt Recovery Tribunal (DRT) against the airline Chairman Vijay Mallya to stake claim on the USD 75 million severance package he will be getting for quitting United Spirits (USL).

In an irony of sorts, over two lakh investors are estimated to be stuck with shares of long- grounded Kingfisher Airlines even as its lenders are now eyeing the Rs 515-crore bounty sealed by main promoter Vijay Mallya as part of a 'sweetheart deal' to exit United Spirits.

Diageo-controlled United Spirits Friday said it will continue to pursue recovery of loans worth Rs 1,337 crore from its erstwhile promoter group firm United Breweries Holdings through "dialogue or other legal means".

In a deal that puts him on the winning side, Vijay Mallya on Thursday resigned as the chairman of United Spirits Limited but not before pocketing a cool Rs 515 crore.

According to reports, Mallya said he was pleased to reached a mutual release with United Breweries group and Diageo, the owner of United Spirits.

Mallya is in the news after the media was agog with reports that Diageo, the United Spirits' new owner, had asked him to step down as Chairman and Director of the Indian liquor firm for alleged fund diversion to Kingfisher and other UB Group entities.

It's reliably learnt that USL has not paid a single penny to Mohun Bagan from November 2014 to March 2015.

Diageo had purchased the shares amounting to 6.98 per cent stake in USL from UBHL as part the USD 3 billion deal in 2012 through which it had gained majority control in the Indian spirits maker.

United Spirits' stock Friday went up by over 5 percent after the company reported a standalone net profit of Rs 19.92 crore for the first quarter.

The Diageo-controlled United Spirits Thursday reported a stand-alone net profit of Rs 19.92 crore for the first quarter ended June on the back of higher sales.