Vijay Mallya quits royal challenge, hopes to revive spirits in UK

February 25, 2016

Bengaluru, Feb 25: Troubled tycoon Vijay Mallya on Thursday resigned as the chairman of United Spirits (USL), the country's largest liquor company founded by his late father Vittal Mallya, almost a year after its board had asked him to step down, citing certain inappropriate dealings which occurred on his watch. Former Hindustan Unilever veteran M K Sharma has been appointed as the new non-executive chairman of USL, now controlled by London-based Diageo Plc.

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"The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo and United Spirits Limited," Mallya said. "I am pleased to have been able to agree terms with Diageo and United Spirits Limited. The agreement we have reached secures my family legacy," he added. Vittal Mallya had set up USL soon after India's Independence. Mallya said he has decided to spend more time in England with his children, including eldest son Siddharth Mallya, who is pursuing studies in London. Mallya had earlier told TOI that he was relinquishing control of his group companies as there was no family succession plan. His son, who briefly dabbled in business, had then relocated to Los Angeles to pursue an acting career.

Mallya's exit is a sordid story of a flamboyant industrialist walking away from his flagship as a fallout of the disastrous foray into aviation—the grounded Kingfisher Airlines which saddled the group with Rs 7,000-crore debt. The latest development unfolded even as SBI and Punjab National Bank declared him a wilful defaulter, which threatened to jeopardize banking ties of the companies on which he remains a board member.

Mallya, who turned 60 last December, has signed a five-year non-compete agreement and will desist from buying additional shares in USL. Mallya had agreed to sell controlling interest to Diageo, paving the way for a$3-billion takeover in 2012. However, ties between Mallya and Diageo soured soon thereafter with the board taking note of certain related party transactions, which were rejected by the shareholders.

USL will pay Mallya $75 million over the next five years towards non-compete and non-interference agreements struck as part of the latter's exit deal. The initial tranche of $30 million will be paid in the first year. USL will also allow its former chairman to buy back some of the real estate assets, including Niladri mansion in South Mumbai, which was one of his personal homes, at the prevailing market value. Mallya continues to hold a 4% stake though almost all of this is pledged to various lenders of Kingfisher.

"This agreement is an affirmative action by which Vijay Mallya is disassociating himself from the company completely," Abanti Shankaranarayanan, a spokesperson for Diageo, said in a late night conference call. This rescues the company from all contingent liabilities, safeguards its banking relationships and enables it to focus on performing better in India's $300-billion liquor market, she added.

In April last year, USL board, controlled by Diageo, sought Mallya's resignation stating it had lost confidence in him continuing as chairman of the company due to alleged financial irregularities. Mallya had refused to step down, citing contracts between him and Diageo and had threatened to move courts. But his resistance was seen as a losing battle as Diageo controlled the board and held a 55% stake in the company.

Mallya had indicated in USL's AGM in November he would consider retirement after turning 60. Mallya's exit agreement also settles all claims concerning the alleged irregularities disclosed by USL in April.

Mallya, however, continues to remain as the chairman of United Breweries (UBL) in which he has allowed Dutch beer giant Heineken to emerge as the largest shareholder. Another company UB Holdings, the parent of Kingfisher Airlines, has no significant revenue streams except some rent-yielding commercial real estate assets.

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Zoharab
 - 
Friday, 26 Feb 2016

Please request Mallya to clear his loans & salaries of KF staffs. The goto UK & settle. He still does show off with poor people's money....Very sad nobody is bothered.

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News Network
January 18,2025

Sullia, Jan 18: In a shocking incident, a man shot his wife dead during a fit of rage over a minor argument and later took his own life by consuming poison. The heartbreaking event unfolded late Friday night in Kodimajalu in Sullia taluk of Dakshina Kannada.

The accused, identified as Ramachandra Gowda alias Chandra (53), used his licensed firearm to commit the crime. His wife, Vinoda (43), tragically lost her life in the incident.

On the fateful night, Ramachandra reportedly started an argument with his family after dinner over a trivial matter. The heated exchange escalated, and in a fit of uncontrollable anger, he allegedly aimed his firearm at his elder son, Prashanth. Vinoda intervened to prevent the attack, attempting to wrest the gun from Ramachandra.

However, enraged by her intervention, Ramachandra turned the gun on Vinoda and shot her, leaving her dead on the spot. Overwhelmed by the gravity of his actions, he consumed acid, commonly used for rubber processing, to end his own life.

Based on Prashanth’s statement, a case has been registered at the Sullia police station. The tragic sequence of events has left the village in shock and mourning, raising concerns about the unchecked escalation of domestic disputes.

This devastating incident underscores the importance of addressing domestic tensions before they spiral into irreversible tragedies.

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News Network
January 6,2025

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Karnataka’s first C Band Doppler Weather Radar (DWR) in Mangaluru, work for which was supposed to have been finished by January 15, will be postponed slightly due to some technical difficulties, said N Puviarasan, head of India Meteorological Department (IMD)’s Bengaluru centre.

“We are hoping to get it running by this month's end at least,” said Puviarasan on the sidelines of a stakeholders’ workshop organised by the IMD Bengaluru on January 4 to commemorate 150 years of IMD. The workshop was held at the premises of Karnataka State Natural Disaster Management Centre (KSNDMC) and had day-long sessions, including technical ones by Hindustan Aeronautics Ltd, Bengaluru and Department of Agro Meteorology, University of Agricultural Sciences, Bengaluru.

Puviarasan also said the IMD ran into obstacles in its bid to establish a S-band DWR in Bengaluru, due to problems in acquiring the land required. “We need 30X30 space to put up a tower and a small utility room,” said Puviarasan. According to him, IMD had originally planned to put up the radar in Nandi Hills. But, on Union Minister of State for Micro, Small and Medium Enterprises and Labour & Employment Shobha Karandlaje’s request, he said they started scouting for an appropriate place in Bengaluru. On July 23, 2024 Karandlaje had posted on X: “Following my request, the IMD has greenlit the installation of a Doppler radar in the city (Bengaluru), scheduled to be operational by year-end. This is a major step towards better weather forecasting & preparedness for natural disasters."

She had also posted a letter written to her by Union Minister of State (Independent Charge) Jitendra Singh, who said the radar will have an operational range of 250 km and will be installed in Bengaluru by 2024. He also mentioned that the site for the radar installation has already been identified and the Centre had informed the state government to acquire the site. “But the site suggested by the minister is not feasible because of the elevation issues,” said Puviarsan.

According to IMD scientists, there should not be buildings higher than the radar within its range, as readings will be affected. Puviarasan said they have now identified a place within a government school in Bengaluru and are awaiting permission to establish the radar. He said usually land acquisition is a huge problem. “This time, it’s a government school. Here, we don’t even need to raise a boundary wall, as it exists already. So, we’ll see,” said the director. If this is not working out, he said IMD will go back to its initial plan and will establish the radar in Nandi Hills. Mangaluru radar, being established near Kadri, is expected to cover 250-300 km radius, putting regions prone to heavy rains during monsoons in Karnataka, like Agumbe, Hulikal, Talakaveri, Kerekatte and Bhagamandala within its range, said a IMD scientist. Earlier, in his presentation, Puviarasan had also said apart from Bengaluru and Mangaluru, one X-band DWR is coming up at Dharwad. He also said proposals have been submitted for S-band radar at Honnavara and C-band at Ballari.

Without a DWR, Karnataka has been depending on the radars in Goa, Hyderabad and Chennai for more accuracy in forecasts for thunderstorms and rainfall so far, said IMD officials. In his presentation, Director of KSNDMC, Bhoyar Harshal Narayanrao, talked about why Karnataka is vulnerable to hydro-meteorological and geological disasters. He also said 80 per cent of Karnataka is prone to drought, and that in the last 23 years (between 2001 and 2024), 16 years are drought affected. He also said maximum number of landslides leaving widespread damage and casualties have occurred in Uttara Kannada, Shivamogga, Chikkamamgaluru, Udupi, Dakshina Kannada, Kodagu, Hassan, Chamrajanagara Mysuru and Chikkaballapura. The year 2018 saw the most landslides, at 462, between 2006 and 2024. Narayanrao also said Karnataka is the only state in the south with its own disaster monitoring centre and seeing its success other states are also thinking of establishing one on the lines of KSNDMC. He said KSNDMC is also being approached by a few startups to involve Artificial Intelligence in disaster management. “We are taking a cautious approach towards the idea. We are looking into what AI can offer and will decide accordingly,” said Narayanrao.

Other presentations included an overview of IMD services by S Balachandran, head of Regional Meteorological Centre, Chennai and possible integration of climate services in support of Karnataka State Action Plan on climate change by K J Ramesh, Former Director General, IMD. Sanjeev Verma, AGM, Air Traffic Management, Airports Authority of India, Kempegowda International Airport, Bengaluru also made a presentation of how weather forecasting is integral for air traffic management.

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News Network
January 10,2025

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Barakah International School and College is organizing a unique parenting workshop aimed at equipping parents with essential skills in various aspects of parenting. The event will take place at Barakah Auditorium, Ayar, on Thursday, January 16, 2025, at 6:30 PM.

This session will cover three crucial aspects of parenting:

Motivating Your Child to Excel in Academics: Presented by Sharfuddin B.S., Principal of Barakah International School and College and an internationally acclaimed motivational speaker.

Parenting in the Modern Age: Delivered by Mr. Saif Sultan, a renowned motivational speaker and Chairman of the Hope Foundation.

Parenting Skills to Instill Islamic Values: Led by Mohammad Haneef, Principal of the Islamic Department at Barakah International School and a well-known Khateeb.

The workshop will conclude with a Q&A session, providing participants the opportunity to gain deeper insights from the experts.

The program is free of cost and open to both parents, subject to prior registration. Maghrib and Isha prayer arrangements will be available, and refreshments will be served at the end.

Interested participants are encouraged to register at the earliest to secure their slots via the following Google Form:

https://forms.gle/mKxsr4A1UGrpo7DJ9

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