-
Aug 22, 2014
-
Mallya-Poddar bid for MCF hits UBI hurdle
The ambition of liquor baron Vijay Mallya and Zuari chief Saroj Poddar to jointly own a controlling stake in Mangalore Chemicals and Fertilizers (MCF) might not be smooth sailing, despite the Securities and Exchange Board of India's (Sebi's) approval to their open offer for additional stake in the fertiliser company.
United Bank of India (UBI), one of the many lenders to Mallya's now-grounded Kingfisher Airlines, has alerted Sebi that it had identified the airline as a 'wilful defaulter'. "The bank has requested Sebi to reconsider its approval to the Mallya-Poddar open offer," said a person familiar with the development.
Source -
http://www.business-standard.com
|