United Breweries (Holdings) Ltd (UBHL) on Friday reported a 99.73 percent fall in its net profit at Rs 2.15 crore for the first quarter ended June 30, 2015 on account of lower sales and exceptional item reported in the corresponding period last year.
Diageo Plc, which is up against legal hurdles in India regarding purchase of shares of United Spirits from United Breweries (Holdings) Ltd (UBHL), is confident that it would retain majority shareholding in the Indian firm even if the outcome of the cases were not to be in its favour.
Contempt petition in the Karnataka High Court has been filed only against liquor baron Vijay Mallya alleging breach of an oral undertaking given before the Debt Recovery Tribunal that they would not alienate unencumbered assets nor deal with them, Counsel for a consortium of banks clarified Wednesday.
Kingfisher had moved the court seeking directions to the bank to rescind its August 21 notice and those issued earlier as well as to restrain it from taking any action against the airlines in pursuance of the same.
In an irony of sorts, self-proclaimed 'King of Good Times' Vijay Mallya Tuesday saw shares of his various group companies soar higher even as fresh troubles surfaced in form of the group's holding entity being slapped with yet another 'wilful defaulter' tag.
In a double-whammy for flamboyant businessman Vijay Mallya, the government has annulled his re- appointment as Managing Director of Kingfisher Airlines while he also had to quit from board of another group company MCFL.