Companies & Sectors
Mallya hints at retiring soon to enjoy life
Once a king of 'good times', business mogul Vijay Mallya on Tuesday hinted at retiring after turning 60 next month and enjoying life thereafter.
 
"At 60, normally people think of retiring and enjoying life. I am also thinking of retiring and enjoying life. There is nothing wrong in that," Mallya told reporters on the margins of the 16th annual general meeting (AGM) of United Spirits Ltd (USL) here.
 
Sporting a French beard and a ponytail, Mallya, however, hastened to clarify that he was not retiring as yet.
 
"But when you turn 60, you should think of retiring and enjoying your life," said the Rajya Sabha independent member from Karnataka.
 
On the appointment of Diageo's Asia Pacific and Africa head Nicholas Bodo Blazaquz as USL vice chairman, Mallya said Nicholas brought huge amount of value, being responsible for the region.
 
"Nicholas is a great help and you cannot be a batsman for the rest of your life. Ultimately, you should think of retirement, isn't it," he said.
 
Mallya's observations came in light of British liquor major Diageo, which bought majority stake (54.7 percent) in USL in 2012 and took control, asking him in April to step down from the board as chairman and director, as it had lost confidence in him.
 
Diageo also appointed global audit firm PricewaterhouseCoopers (PwC) India to do forensic investigation of its accounts, following discrepancies, including financial irregularities, which included writing off Rs.7,200 crore from the books.
 
"There is no operational loss. Our brands are doing well, as we have enviable stable portfolio of brands. We are also concentrating on premium plus brands. Business wise, we are profitable," Mallya told investors at the AGM.
 
A shareholder, however, advised Diageo and Mallya to resolve their differences mutually instead of quarrelling like school boys in public.
 
Mallya, who holds a mere 4.07 percent of equity stake in USL has refused to step down. 
 
On questioned about Diageo wanting him to step down, an upset Mallya retorted: "Why should I tell you and respond to media reports?
 
"Somebody triggers a figment of imagination and the whole media piles on to it and asks multiple questions from multiple angles. I have nothing to say on this."
 
According to the annual report for fiscal 2014-15, the Rs.8,353-crore USL has emerged as the world's second largest spirits firm, with over 117 million cases of 140 brands, produced and sold annually.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

S K Gupta

1 year ago

What other options the gentleman has?

M Muralidharan

1 year ago

Wow... I thought that is what he was doing all along... King of good times...

Mallya in talks with banks to clear Kingfisher dues
Kingfisher Airlines chairman Vijay Mallya on Tuesday claimed that he was in talks with banks to settle dues of the defunct airline, saddled with a whopping Rs.8,700 crore loan.
 
"I am focusing on Kingfisher affairs with banks. That is what my current focus is," Mallya told reporters on the margins of the 16th annual general meeting (AGM) of United Spirits Ltd (USL) at his posh UB City.
 
A consortium of 17 banks, led by State Bank of India recently declared the business tycoon-cum-Rajya Sabha independent member a "wilful defaulter" after his grounded airline failed to repay loans raised since he launched the high-flying carrier in 2008.
 
Asked how he would settle the outstanding debts and mobilise funds to clear other dues, which also run into crores of rupees, Mallya retorted: "Why should I answer your questions?"
 
The debt-ridden airline was grounded on October 1, 2012 when it cancelled all 50 flights after a section of employees went on a flash strike, leaving thousands of passengers stranded. It lost operator's licence on October 20, 2012.
 
The country's premier investigating agency CBI on October 10, 2015 searched Mallya's posh houses and Kingfisher's offices in Bengaluru, Mumbai and Goa in a case related to non-payment of Rs.900 crore loan from IDBI Bank.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Retirement years: Safe & smart saving to take care of your silver innings
Moneylife Foundation is conducting ‘Safe and Smart Savings to take care of your retirement years’, a free seminar on Saturday in Nerul, Navi Mumbai for people, especially senior citizens 
 
Every other day, we read about people being financially duped. Senior citizens, who may have some funds with them saved for their retirement days, are often easy target for fraudsters. Moneylife has written about several such cases in the past. Remember, Mangelal Sharma, a 79-year old, who was persuaded to withdraw Rs7 lakh from his fixed deposit and invest in DWS's mutual fund that had a five-year lock in period, when needed the money for his wife treatment? Similarly, Solapur-based Arving Injamuri, aged 65 in 2012 was mis-sold highest NAV ULIPs and paid Rs7.5 lakh, he had received as retirement dues. But more about Mr Sharma and Mr Injamuri later.
 
There are several such examples, where senior citizens are sold numerous insurance policies under the pretext of regular and guaranteed high returns every month. To help people avoid such mistakes and understand safe and smart savings that would take care of their silver innings, Moneylife Foundation is conducting a special seminar on Saturday, 28th November at Nerul in Navi Mumbai.
 
With better medical facilities, we have to prepare to live on our savings for at least 20 years after we turn 60. Most people do not think that far ahead and plan. This seminar will help such people in understanding importance of safe and smart financial planning and investment. 
 
During the seminar, Sucheta Dalal, Moneylife's Managing Editor and Founder-Trustee of Moneylife Foundation will talk about dos and don'ts while dealing with banks and how to take care of fixed deposits. She will also help attendees understand and be safe from insurance fraud; email and advance free scams. Ms Dalal will then explain the risk and benefits about retirement homes besides informing on Wills, nominations, guarantees and credit details.
 
Debashis Basu, Editor & Publisher of Moneylife as well as Founder-Trustee of Moneylife Foundation will conduct the second session of the seminar. He will give an overview on products that one needs to beat inflation and ensure regular income in retirement. He will also explain insurance, taxation, realty and gold, equity and mutual funds and how to make own choices about safe investment products.
 
This free seminar will be held at SIES College of Management Studies (SIESCOMS) in Sri Chandrasekarendra Saraswati Vidyapuram, Sector V, Nerul. 
 
Since registration is a must, those interested in attending this Seminar can do it either online (here is the link http://www.moneylife.in/event/115.html) or call on 022-49205000. Registration can also be done through call, SMS or WhatsApp message on +91-7045156415, with name, and email ID. And share the details of this seminar with your friends.
 
Coming back to Mr Sharma, who after a strong campaign by Moneylife through website and social media, received all his money back . Mr Injamuri, who retired as a ticket checker from the Railways, also received his entire money along with an interest of Rs1.75 lakh from the insurer, when Moneylife took up the issue with the Insurance Regulatory and Development Authority (IRDA). (Read: Reliance Life ULIP mis-selling: Justice served). Most people are not so fortunate. It is almost impossible to get your money back from financial companies. It is better to be forewarned and know all the dos and don’ts of dealing with money as seniors. 

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