Ub Holdings Ltd

United Breweries Ltd (UBL) on Wednesday said Yes Bank has invoked 19 lakh of its shares worth Rs 156 crore which were pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group.

UB group holding firm United Breweries Holdings Ltd has said that Vijay Mallya remains in "full control" even after relocating to the UK, and disclosed his remuneration totalling Rs 1.6 crore.

Vijay Mallya-promoted UB Holdings Ltd (UBHL) is seeking approval of its shareholders for a transaction of up to Rs 150 crore towards purchase of goods, including beer, from group firm United Breweries Ltd.

Legal proceedings in India against beleaguered businessman Vijay Mallya have now come to haunt his US-based brewery firm, which is banking on a $1-million bridge loan promised by his holding firm for survival.

In fresh troubles for embattled businessman Vijay Mallya, a forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.

Beleaguered liquor baron Vijay Mallya received a pay package of over Rs 1.7 crore last year from his US-based brewery firm that itself is struggling for funds and has been served default notices by lenders.

Liquor baron Vijay Mallya's son Sidhartha has quit as a director from the board of United Breweries (Holdings) Ltd, a firm that holds investments in companies such as United Spirits and United Breweries.

United Spirits Ltd (USL) said it will continue to pursue a claim for the recovery of Rs 1,337 crore ($195 million) of loans to former group company United Breweries Holdings Ltd (UBHL) even after its founder agreed to leave the company.

McDowell Holdings, a unit of Vijay Mallya-led UB Group, on Wednesday said private sector lender Yes Bank had invoked shares of United Breweries Ltd (UBL) which formed only 0.16 per cent of its holding.

Capital markets regulator Sebi on Friday slapped a fine of Rs 15 lakh on United Breweries (Holding) Ltd for not making disclosures regarding creation and invocation of certain pledge transactions in shares of United Spirits.

UB Group, the original promoter of Mangalore Chemicals and Fertilizers Ltd (MCFL) along with Zuari Group has successfully staved off a takeover bid by rival Deepak Fertilisers. UB Group holds nearly 22 per cent.

The Dutch brewer, the single largest shareholder in United Breweries with a 42.07 per cent stake, plans to take that holding beyond 50 per cent by buying shares from liquor baron Vijay Mallya and his group firms, the sources said.

United Breweries (Holdings) Ltd (UBHL) said it was also seeking nod to invest up to Rs 15 crore in Mendocino Brewing Co Inc, which is a step down subsidiary where the company through its subsidiaries holds 68.10 per cent of its share capital.

Close on the heels of end of takeover battle for Mangalore Chemicals and Fertilizers Ltd (MCFL), Vijay Mallya-led UB Group plans to hike its shareholding in the fertiliser firm by acquiring shares from Zuari Group, which now holds an over 53 per cent stake.

With United Spirits asking its chairman Vijay Mallya to quit, the majority owner Diageo on Monday said its "contractual obligations" to support his presence would not apply in the event of "defaults" by the Indian businessman and his group firm UB Holdings Ltd.

United Breweries Ltd (UBL) on Wednesday said Yes Bank has invoked 19 lakh of its shares worth Rs 156 crore which were pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group.

UB group holding firm United Breweries Holdings Ltd has said that Vijay Mallya remains in "full control" even after relocating to the UK, and disclosed his remuneration totalling Rs 1.6 crore.

Vijay Mallya-promoted UB Holdings Ltd (UBHL) is seeking approval of its shareholders for a transaction of up to Rs 150 crore towards purchase of goods, including beer, from group firm United Breweries Ltd.

Legal proceedings in India against beleaguered businessman Vijay Mallya have now come to haunt his US-based brewery firm, which is banking on a $1-million bridge loan promised by his holding firm for survival.

In fresh troubles for embattled businessman Vijay Mallya, a forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.

Beleaguered liquor baron Vijay Mallya received a pay package of over Rs 1.7 crore last year from his US-based brewery firm that itself is struggling for funds and has been served default notices by lenders.

Liquor baron Vijay Mallya's son Sidhartha has quit as a director from the board of United Breweries (Holdings) Ltd, a firm that holds investments in companies such as United Spirits and United Breweries.

United Spirits Ltd (USL) said it will continue to pursue a claim for the recovery of Rs 1,337 crore ($195 million) of loans to former group company United Breweries Holdings Ltd (UBHL) even after its founder agreed to leave the company.

McDowell Holdings, a unit of Vijay Mallya-led UB Group, on Wednesday said private sector lender Yes Bank had invoked shares of United Breweries Ltd (UBL) which formed only 0.16 per cent of its holding.

Capital markets regulator Sebi on Friday slapped a fine of Rs 15 lakh on United Breweries (Holding) Ltd for not making disclosures regarding creation and invocation of certain pledge transactions in shares of United Spirits.

UB Group, the original promoter of Mangalore Chemicals and Fertilizers Ltd (MCFL) along with Zuari Group has successfully staved off a takeover bid by rival Deepak Fertilisers. UB Group holds nearly 22 per cent.

The Dutch brewer, the single largest shareholder in United Breweries with a 42.07 per cent stake, plans to take that holding beyond 50 per cent by buying shares from liquor baron Vijay Mallya and his group firms, the sources said.

United Breweries (Holdings) Ltd (UBHL) said it was also seeking nod to invest up to Rs 15 crore in Mendocino Brewing Co Inc, which is a step down subsidiary where the company through its subsidiaries holds 68.10 per cent of its share capital.

Close on the heels of end of takeover battle for Mangalore Chemicals and Fertilizers Ltd (MCFL), Vijay Mallya-led UB Group plans to hike its shareholding in the fertiliser firm by acquiring shares from Zuari Group, which now holds an over 53 per cent stake.

With United Spirits asking its chairman Vijay Mallya to quit, the majority owner Diageo on Monday said its "contractual obligations" to support his presence would not apply in the event of "defaults" by the Indian businessman and his group firm UB Holdings Ltd.