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<keyword id="2748909" type="UNKNOWN" weightage="20" keywordseo="SBI-Cap-Trustee-Company-Limited">SBI Cap Trustee Company Limited</keyword>, the wholly owned subsidiary of SBI Capital Markets Limited, has confiscated <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s defunct carrier Kingfisher Airline’s office property in Mumbai. The investment banking subsidiary of SBI Capital, took possession of the property after Vijay Mallya failed to repay the debt to the value of Rs 6027.42 crore. 
	 
	The company had issued a demand notice to the airline and its directors, on May 3, 2013 under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 
	 “… Calling upon the borrowers, <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> Limited…and the guarantors-- United Breweries (Holdings) Limited (<keyword id="6656246" type="COMPANY" weightage="20" keywordseo="UBHL">UBHL</keyword>) having registered office at UB Towers and Vijay Mallya residing in UB Towers to repay the amount mentioned in the notice being Rs 6,027.42 crores and interest thereon with 60 days from the day of notice,” stated the notice issued on February 24, 2015. 
	 
	“The Borrowers and the guarantors having failed to repay the amount notice is hereby given to the Borrower/Guarantors and the public in general that the undersigned has taken possession of the property described herein below as per Hon’ble Chief Metropolitan Magistrate Court Order dated February 12, 2015 and in exercise of the power conferred upon him under Section 13 (4) of the said Securitization and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002… The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of the SBI Cap Trustee Company for an amount of Rs 6, 027.42 crore,” it added. 
	 
	The firm has attached two properties in Mumbai, which include Kingfisher House spread over an area of 1,586.24 square meters as well as another property measuring 2401.70 square meters. 
	 
	Kingfisher Airline has an overall outstanding debt of nearly Rs 7,000 crore and lost its Scheduled Operator’s Permit permanently on January 1, 2015.

Kingfisher Airlines fails to repay loan, SBI Cap confiscates properties

<keyword id="6361490" type="CITY" weightage="100" keywordseo="diageo">Diageo</keyword> Plc, a British multinational alcoholic beverages company, has expressed confidence of retaining a majority stake in United Spirits Limited (<keyword id="136068" type="COMPANY" weightage="100" keywordseo="USL">USL</keyword>) even if it loses the legal battle pertaining to the purchase of shares of USL from United Breweries Holdings Ltd (<keyword id="6656246" type="COMPANY" weightage="100" keywordseo="UBHL">UBHL</keyword>). 
 
Last year, the Supreme Court had ordered status quo to be maintained in the case. The next hearing is scheduled to take place on April 21. Moreover, the Karnataka High Court, which had admitted six petitions against UBHL, will hear the case on February 26. 
 
“…Averse results for Diageo in the proceedings referred to above could, absent leave or relief in other proceedings, ultimately result in Diageo losing title to the 10,141,437 USL shares acquired from UBHL. Diageo believes it would remain in control of USL and be able to consolidate USL as a subsidiary regardless of the outcome of this litigation,” the London-headquartered company said. 
 
“There can be no certainty as to the outcome of the existing or any further related legal proceedings or the timeframe within which they would be concluded,” it added. 
 
Diageo had acquired a stake of 14.98% in USL for Rs 3,130 crore in July 2013. On July 2, 2014, it bought more shares and increased its stake to 54.78%. 
Image: Indiatimes

Diageo Exudes Confidence Of Retaining Majority Share In United Spirits

A consortium of 17 banks, led by State Bank of India, has slapped a contempt case against liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, his grounded airline <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> and United Breweries Holdings Limited (<keyword id="6656246" type="COMPANY" weightage="100" keywordseo="UBHL">UBHL</keyword>). In the petition that they have filed in the Karnataka High Court, they have alleged violation of an oral undertaking that he had given to the Debt Recovery Tribunal (DRT). 
 
“We have filed a contempt application in the High Court against Kingfisher Airlines, United Breweries Holdings Limited (UBHL) and Dr Vijay Mallya for violating an undertaking given before DRT…,” PTI quoted N Chintan Chinappa, counsel for consortium of banks as saying. 
 
Chinappa argued in the court that “an undertaking was given before the DRT that neither would the unencumbered assets be alienated nor dealt with, but Mallya went ahead and created pledges in violation.” The High Court then issued a contempt notice against Mallya. 
 
In total, all the banks had lent more than Rs 7,000 crore to Kingfisher Airlines, which has been grounded for long.

More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

A request for extradition of absconding liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been handed to the <keyword id="120974" type="ORGANIZATION" weightage="100" keywordseo="British-High-Commission">British high commission</keyword> in New Delhi, Indian foreign ministry spokesman Vikas Swarup said on Thursday. Honouring the request will be seen as an act of cooperation between India and Britain, Swarup said. 
 Earlier today, the <keyword id="81868" type="COMPANY" weightage="20" keywordseo="United-Breweries">United Breweries</keyword> fired indebted <keyword id="6373968" type="PERSON" weightage="20" keywordseo="Mallya">Mallya</keyword> from his non-executive chairman role following an order from the country’s market regulator, it said in a stock exchange filing late Wednesday. 
The UB Group said the Securities and Exchange Board of India (SEBI) has barred Mallya from holding key managerial roles in any listed company. 
 
Mallya owes banks at least $1 billion, fleeing to Britain last March as pressure grew from banks to pay back the loans. 
Mallya has repeatedly failed to appear before investigators at the Enforcement Directorate, a financial crimes agency, who suspect him of misusing funds loaned by a state bank. 
 
The company’s decision follows Karnataka high court issuing a ‘winding-up’ order on United Breweries Holdings Ltd (UBHL), the firm through which Mallya controlled his once-sprawling business empire, directing an official liquidator to take over all assets. 
In January, an Indian court ordered a consortium of banks to start the process of recovering roughly $1 billion in loans from Mallya, who refuses to return home from exile. 
 Mallya, who remains a part-owner of the Force India <keyword id="42857" type="SPORT" weightage="20" keywordseo="Formula-One">Formula One</keyword> team, has come to personify India’s problems with bad debts that are piling up on the balance sheets of banks.

India asks British High Commission for extradition of Vijay Mallya

Former employees of the defunct carrier <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> are applying for jobs at soon-to-be launched <keyword id="2467342" type="UNKNOWN" weightage="20" keywordseo="Vistara">Vistara</keyword> airline, a 51:49 joint venture between Tata Goup and Singapore Airlines. 
	 
	“The counsel for Kingfisher Airline has told us that since the airline has not been operating, no revenue has been generated and hence they cannot pay us. It is good news for us that Vistara is coming up because most of us have joined the new airline,” said a former employee of the beleaguered carrier. 
	 Apart from Tata-Singapore Airlines's Vistara, many have also joined <keyword id="6354706" type="CITY" weightage="20" keywordseo="Indigo">Indigo</keyword>. “Both these airlines have Airbus 320 and since KFA had a fleet of Airbus 320, therefore, these suit us,” added the employee. 
	 
	It’s worth noting that Kingfisher airline has not paid its employees since 2012 and made promises of disbursal of salaries on several occasions. A section of the distressed employees have also submitted a plea in the Karnataka High Court for releasing the funds deposited with the court as a security. The employees had requested the Court to allow the management to access Rs 220 crore from the security (Rs 250 crore) deposited with the court, which came from UBHL stake sale to Diageo. 
	 
	Earlier this year, the employees also wrote to the labour Commission for the disbursal of the salary. Vijay Mallya was summoned by the chief labour commissioner to discuss the issue of unpaid salaries of the employees. 
	 
	Tata Group and Singapore Airline’s Vistara was scheduled to launch this month, however, aviation regulator Directorate General of Civil Aviation, has not yet issued the Scheduled Operator Permit to the airline. The airline took the delivery of its first aircraft Airbus-320 last month.

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Kingfisher Airlines fails to repay loan, SBI Cap confiscates properties

Purba Das

Diageo Exudes Confidence Of Retaining Majority Share In United Spirits

BI India Bureau

More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

BI India Bureau

India asks British High Commission for extradition of Vijay Mallya

BI India Bureau

KFA Employees May Join Vistara, Indigo

Purba Das

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