The Fate Of 6 Companies That Vijay Mallya Once Owned

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A lot has been said about liquor baron Vijay Mallya. We do not know whether the title of "Liquor Baron" still holds good.

King of good times or king of bad times, he remains at the centre of jokes and in the news. It is said that he flew to London, while the media claims he is absconding, he claims otherwise.

There is around Rs 9000 crore debt from the tops banks, which he has failed to pay even after frequent reminders.

Here are 6 companies which were once owned by him:

Kingfisher Airlines

In 2012, the staff of Kingfisher airlines went on strike for non payment of salaries. Followed by  income-tax dept freezing KFA accounts, the airline was grounded. 

Now the company stands closed leaving all the employees without salaries.

Mangalore Chemicals

The company is now a part of the Adventz group with this group having a shareholding of 53.03.

United Spirits

In 2013, Diageo acquires 27% stake in USL for Rs 6,500 crore. Later in 2015, Mallya was asked to resign from the board which he rejected.

In 2016, Mallya stepped down as non-executive chairman of United Spirits Ltd, after striking a deal with a UK firm.

The deal was to drop all charges and also pay him $75 million over five years in return.

United Breweries

In 2009, Heineken NV acquired control over Scottish & Newcastle, and Heineken also became the promoter of UB.

Heineken International has since kept acquiring shares of United Breweries. It is now the single largest shareholder of Heineken, and as on Nov 2015, owned more than 42 per cent in the company.

UB Engg

UB Engineering Limited is the flagship Company of UB Group's Engineering Business. 

This is a loss making company, which reported a loss of Rs 161 crores for FY 2014-15. The stock is also now traded on the exchanges.

McDowell Holdings Limited

McDowell Holdings Limited (MHL), is a Company, in which the Investment business of McDowell & Company Limited (now known as United Spirits Limited), has been demerged in terms of the Composite Scheme of Arrangement sanctioned by the Hon'ble High Courts of Karnataka and Bombay, from the opening hours on April 01, 2005.

Read more about: tds, income tax
Story first published: Saturday, March 12, 2016, 11:13 [IST]
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