On Mallya’s Trail: KFA Employees May Get Dues, SEBI Widens Probe
Vijay Mallya is looking at paying the dues of Kingfisher Airlines employees and all the latest developments.
Vijay Mallya Likely to Pay Dues of Kingfisher Airlines Employees
Vijay Mallya is looking at paying the dues of Kingfisher Airlines employees. According to sources, this has been prompted by a realisation that he needs to be personally accountable as a business leader about employee welfare.
Mallya and his advisers are also revising an earlier debt repayment offer to make it more acceptable to the banks. The revised offer may consist of staggered payments or a one-time settlement, sources said. (The Economic Times)
CBI to Inquire Toned-Down Lookout Circular Against Mallya: Sources
The Quint has learnt from sources in the CBI that an internal inquiry has been started by the agency to investigate the revision of the Lookout Circular (LOC) against Vijay Mallya. Even though the CBI has officially denied the formulation of any such committee, it is likely to take action against the concerned official this week.
How Much Can Banks Recover From Vijay Mallya?
An Economic Times analysis shows banks can recover a substantial amount of the dues owed by Mallya but only provided they can sell all of his holdings in beer maker United Breweries and liquor maker United Spirits (USL). Mallya has Rs 8,379 crore worth of shares in these two companies in his name and through a web of companies he controls. However, selling all these shares will be a long drawn and tedious process laced with judicial delays, bankers said.
SEBI Widens Mallya Probe, Finds Prima-facie Lapses
Finding prima facie evidence of non-compliance to various norms including on insider trading and corporate governance, SEBI has widened its probe into dealings of Vijay Mallya-led UB Group, including in its own shares and with UK-based Diageo and other foreign players. The capital markets watchdog may also seek information from other regulators in India and abroad, as also from the stock exchanges. Details and clarifications have also been sought from erstwhile UB Group firms as well as from the foreign companies with whom Mallya had dealt with for sale of controlling stake in United Spirits to Diageo, a senior official said. (PTI)
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