Kingfisher Statement

Embattled liquor tycoon Vijay Mallya claimed on Sunday that Prime Minister Narendra Modi's statement in a recent interview confirming the recovery of Rs 14,000 crores worth of his assets has fully vindicated him in his assertion of being a "poster boy" for the BJP-led government.

Wanted tycoon Vijay Mallya has said he met Finance Minister Arun Jaitley to "settle matters" before he left India, news agency ANI reported.

Fugitive business tycoon Vijay Mallya today dismissed the statement made by an Enforcement Directorate official claiming that he is attempting a "plea bargain". The official had said that Vijay Mallya's recent offer, to pay all his dues if his seized assets were freed, is not an option.

Vijay Mallya's extradition trial is set to hear more expert witness statements today as the fugitive liquor tycoon's defence seeks to establish that there are no grounds to force him to return to India to face allegations of fraud over his now-defunct Kingfisher Airlines.

The Supreme Court was on Tuesday hearing a contempt petition against beleaguered businessman Vijay Mallya for violating a court order by not disclosing his assets in India and abroad.

United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya.

Going by their public statements, the only substantial Vijay Mallya assets that banks appear to have in their possession are Kingfisher's corporate headquarters in Mumbai and an assortment of luxury toys like yachts and private jets.

Kingfisher, which has not flown since 2012, said in a statement on Monday that the Ministry of Corporate Affairs had rejected an application for Mr Mallya's re-appointment, without detailing why.

Diageo intends to keep United Spirits listed in India even if its offer is successful. The new offer will be launched in June, the statement said.

Mr Mallya's counsel today apologised to the court, saying they were guided by the auditors, and pleaded that the statement of accounts as directed by it would be submitted in a week after which the Judge kept his order in abeyance.

We are in continuing discussions with them on ways to bring down their exposure, inter alia, from the proceeds of the Diageo transaction, United Breweries said in the statement.

United Breweries Holdings, the parent company of beleaguered Kingfisher Airlines, issued a statement today about the invocation of collateral pertaining to the recovery process initiated by bankers to the airline for loans worth Rs 7,500 crore. Here is the full text of the statement:

Kingfisher Airlines has informed BSE that its Board has been deliberating various alternatives to improve the financial position of the Company in the best interest of all stakeholders. The debt laden and grounded carrier is evaluating several steps for revival including infusion of capital, it said in a statement to the BSE.

Kingfisher is in discussion with various investors, including Etihad, for equity investments in the company, but matters are merely at negotiation stages, it said in a statement to the stock exchange.

Kingfisher Airlines' pilots and engineers agreed to the managements offer of a staggered payment of three months salaries before Diwali, and will be joining work immediately. Here is the full statement by Kingfisher.

Embattled liquor tycoon Vijay Mallya claimed on Sunday that Prime Minister Narendra Modi's statement in a recent interview confirming the recovery of Rs 14,000 crores worth of his assets has fully vindicated him in his assertion of being a "poster boy" for the BJP-led government.

Wanted tycoon Vijay Mallya has said he met Finance Minister Arun Jaitley to "settle matters" before he left India, news agency ANI reported.

Fugitive business tycoon Vijay Mallya today dismissed the statement made by an Enforcement Directorate official claiming that he is attempting a "plea bargain". The official had said that Vijay Mallya's recent offer, to pay all his dues if his seized assets were freed, is not an option.

Vijay Mallya's extradition trial is set to hear more expert witness statements today as the fugitive liquor tycoon's defence seeks to establish that there are no grounds to force him to return to India to face allegations of fraud over his now-defunct Kingfisher Airlines.

The Supreme Court was on Tuesday hearing a contempt petition against beleaguered businessman Vijay Mallya for violating a court order by not disclosing his assets in India and abroad.

United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya.

Going by their public statements, the only substantial Vijay Mallya assets that banks appear to have in their possession are Kingfisher's corporate headquarters in Mumbai and an assortment of luxury toys like yachts and private jets.

Kingfisher, which has not flown since 2012, said in a statement on Monday that the Ministry of Corporate Affairs had rejected an application for Mr Mallya's re-appointment, without detailing why.

Diageo intends to keep United Spirits listed in India even if its offer is successful. The new offer will be launched in June, the statement said.

Mr Mallya's counsel today apologised to the court, saying they were guided by the auditors, and pleaded that the statement of accounts as directed by it would be submitted in a week after which the Judge kept his order in abeyance.

We are in continuing discussions with them on ways to bring down their exposure, inter alia, from the proceeds of the Diageo transaction, United Breweries said in the statement.

United Breweries Holdings, the parent company of beleaguered Kingfisher Airlines, issued a statement today about the invocation of collateral pertaining to the recovery process initiated by bankers to the airline for loans worth Rs 7,500 crore. Here is the full text of the statement:

Kingfisher Airlines has informed BSE that its Board has been deliberating various alternatives to improve the financial position of the Company in the best interest of all stakeholders. The debt laden and grounded carrier is evaluating several steps for revival including infusion of capital, it said in a statement to the BSE.

Kingfisher is in discussion with various investors, including Etihad, for equity investments in the company, but matters are merely at negotiation stages, it said in a statement to the stock exchange.

Kingfisher Airlines' pilots and engineers agreed to the managements offer of a staggered payment of three months salaries before Diwali, and will be joining work immediately. Here is the full statement by Kingfisher.