30 September could be an important date in UB Group Chairman, Vijay Mallya’s life. Probably as important as 9 May 2005 - the day he launched Kingfisher Airlines -- and which through a series of mis-steps has brought his once mighty empire to its knees.
On that day, Mallya’s fate is likely to be sealed at the annual general meeting of United Spirits Ltd, one way or another. Shareholders will vote whether Mallya who has obtained temporary respite on the wilful defaulter tag affixed by United Bank of India and State Bank of India, can continue as a director on the board of the company and in turn as the Chairman of USL. Mallya’s stake in the company is now down to 3.31 per cent after some of the lenders sold pledged shares in the company. His ability to influence the outcome is limited and is largely dependent on what Diageo which now owns majority in USL wants.
If Mallya is ousted as a director from the board of USL, a similar fate is likely to await him at United Breweries where Heinken is now the majority owner. Mangalore Chemicals and Fertilisers another UB Group company is now in the midst of a takeover battle between Pun-based Deepak Fertilisers group and Mallya’s own preferred choice of Poddars of Zuari Fertilisers.
29/09/14 Venkatesha Babu/Business World
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On that day, Mallya’s fate is likely to be sealed at the annual general meeting of United Spirits Ltd, one way or another. Shareholders will vote whether Mallya who has obtained temporary respite on the wilful defaulter tag affixed by United Bank of India and State Bank of India, can continue as a director on the board of the company and in turn as the Chairman of USL. Mallya’s stake in the company is now down to 3.31 per cent after some of the lenders sold pledged shares in the company. His ability to influence the outcome is limited and is largely dependent on what Diageo which now owns majority in USL wants.
If Mallya is ousted as a director from the board of USL, a similar fate is likely to await him at United Breweries where Heinken is now the majority owner. Mangalore Chemicals and Fertilisers another UB Group company is now in the midst of a takeover battle between Pun-based Deepak Fertilisers group and Mallya’s own preferred choice of Poddars of Zuari Fertilisers.
29/09/14 Venkatesha Babu/Business World
