While investigations by regulators will continue in parallel, the lenders have been supportive to get the company out of the woods, Guha said.
The shares were pledged by UB Holdings against loans when Mallya had controlled the cos.
The income tax (I-T) department has accused Sir Dorabji Tata Trust of not sharing former managing trustee R Venkataramanan’s employment contract, despite repeated requests to justify its order. In the absence of a contract, the department concluded that the contract deems to be in breach of the trust deed, they said.
Despite investing heavily since Chandra took charge, experts feel it will take the group 5-7 years to get going.
Legal experts close to Diageo said that the PMLA/ FEOA case includes claims to UBL shares.
It will also encourage a sense of professionalism within the working of a company.
To be reinstated, a director has to be either co-opted by board members or re-elected by shareholders.
Top officials close to the chairman said there has been no major business impact of the order. Chandra and his top legal team discussed the order and its implications with Tata Trusts chairman Ratan Tata in Mumbai till late Wednesday night, an official said.
Tata Sons might soon be classified as a public company, changing the ground rules for the Mistry-Tata feud.
Liquor co may start exporting directly through parent Heineken’s global distribution net. According to sources, ED is investigating at least five companies in India and overseas for their alleged association with embattled liquor baron Vijay Mallya. On July 24, the ED had raided Ultimate Branding Worldwide, run by Mallya’s former executive assistant V Shashikant.
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