INDIA: UB Group chairman hit with warrant as airline cheque bounces – report
A warrant has been issued for UB Group's Vijay Mallya in India
A 'non-bailable warrant' for Vijay Mallya, the head of India's UB Group, has been issued in the country, according to local reports.
Indian TV channel Times Now reported earlier today (12 October) that Mallya has been named in a warrant issued by Hyderabad metropolitan court. Mallya, who also heads up Kingfisher Airlines, was due to appear in court in the region today to explain why a cheque for INR105m (US$2m) to Hyderabad International Airport had bounced.
The cheque had been issued in January to cover Kingfisher's charges for use of the airport.
Mallya was among several group executives set to appear in court, although lawyers for UB said he would be unable to attend the hearing as he is out of the country. The lack of documentation to show that Mallya was abroad prompted the warrant, the news report said.
Kingfisher has become a financial millstone for Mallya, as the airline is close to bankruptcy.
Reports today claiming that Diageo's public offer to up its stake in United Spirits is doomed to failure should be taken in some sort of context....
Drinks companies stand to benefit as the global travel retail market continues to expand, buoyed by millions of new passengers from developing economies, according to a new just-drinks/IWSR report....
- Diageo Q4 & FY - Preview
- Has Diageo added Beer to its 'Non-Core' List?
- Is Diageo approaching its "Et tu, Brute" Moment?
- Focus - Diageo's FY Performance by Region
- Diageo " knew United Spirits would be complicated”
- NPD: Tomatin Contrast, Cù Bòcan
- Challenges remain as Diageo posts flat FY sales
- Diageo, Heineken end South Africa, Namibia JV
- Bacardi creates Bacardi rum marketing role
- Diageo comm's director latest to leave
- Global gin insights - market data, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Global liqueurs insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research