Companies & Sectors
Mallya offers to pay Rs4,000 crore to banks by September
Mallya and Kingfisher have offered to pay Rs4,000 crore by September 2016 against the outstanding loan of Rs9,000 crore
 
Beleaguered liquor baron Vijay Mallya and his Kingfisher Airlines has offered to pay Rs4,000 crore out of their dues of around Rs9,000 crore to banks by September this year. According to reports, both Kingfisher and Mallya has given this proposal in sealed cover in the Supreme Court.
 
The apex court has asked banks to respond to Mallya's proposal within a week. 
 
The consortium of 17 banks led by the State Bank of India had approached the Supreme Court seeking an order restraining Mallya from leaving the country, his arrest and impounding of his passport. Banks have challenged the 4th March order of the Karnataka High Court not accepting their plea. 
 
Earlier this month, the apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman issued notice as Attorney General Mukul Rohatgi told the court that Mallya left the country soon after they moved applications on 2nd March before Bengaluru-based Debt Recovery Tribunal (DRT) to restrain Diageo from paying him $75 million.
 
 Addressing the court, Rohatgi said that the secured assets which Mallya has pledged are not even 1/15th of more than Rs9,000 crore which he had taken for his now defunct Kingfisher Airlines.
 
When the court asked, how the banks could advance such a huge loan without matching securities, Rohatgi told the court that they were given against the brand and logo of Kingfisher Airlines which at that point of time was huge but now has collapsed.

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Google offers landline telephone service in US cities
Washington : Google, the technology giant born out of the internet age, rolled out a landline telephone service on Tuesday in some US cities.
 
The service, known as Fiber Phone, offers basic landline features including call waiting, caller identification, unlimited local and nationwide calling and 911 services at a price of $10 per month, Xinhua reported.
 
As part of the company's Google Fiber operation, it works with phone, tablet and laptop computer and brings subscribers new features such as transcribing voice mails and delivering them as text messages or email.
 
In direct completion against local telecommunications carriers and internet service providers, or ISPs, the cloud-based service is currently available in three US cities where Google Fiber is deployed, namely Austin, Kansas City and Provo, and is expected to expand to Salt Lake City, Nashville, Atlanta, Charlotte and Raleigh-Durham.
 
Two more cities, Louisville and Huntsville, are listed as candidates.
 
The landline service comes along with Google Fiber's ultra-fast internet access.
 
With cloud, wrote Google Fiber product manager John Shriver-Blake in a blog post, "it can ring your landline when you' re home, or your mobile device when you're on-the-go".
 
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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Tata Steel looking to sell off UK operations
Mumbai : Having suffered nearly $3 billion in losses on its UK operations, Tata Steel is exploring to put its entire portfolio there up for sale, some 10 years after it forayed into Europe by acquiring Anglo-Dutch Corus for over $8.1 billion).
 
The decision comes less than a week after Tata Steel UK said it has reached an agreement to sell its Clydebridge and Dalzell steel facilities in Scotland to the local government, which will, in turn, hive it off to Liberty House, an international steel and non-ferrous metals group.
 
"The Tata Steel board today reviewed the recent performance of the European business of the, more specifically of Tata Steel UK. It noted with deep concern the deteriorating financial performance of the UK subsidiary in the last 12 months," a company statement said.
 
"Following the strategic view taken by the Tata Steel Board regarding the UK business, it has advised the board of its European holding company, Tata Steel Europe, to explore all options for portfolio restructuring including potential divestment of Tata Steel UK, in whole or in parts."
 
The company said while the global steel demand, especially in developed markets like Europe, has remained muted following the financial crisis of 2008, trading conditions in the UK and Europe have rapidly deteriorated more recently.
 
"These factors are likely to continue into the future and have significantly impacted on the long term competitive position of the UK operations in spite of several initiatives undertaken by the management and the workers of the business in recent years," it said.
 
"Even under these adverse market conditions, Tata Steel group has extended substantial financial support to the UK business and suffered asset impairment of more than £2 billion in the last five years," it said.
 
"Given the severity of the funding requirement in the foreseeable future, the Tata Steel Europe board will be advised to evaluate and implement the most feasible option in time bound manner."
 
The board also reviewed the proposed restructuring and transformation plan for strip products in UK prepared by the European subsidiary in consultation with an independent and internationally reputed consultancy firm. 
 
The board, according to the company, came to a conclusion that the plan is unaffordable, needing material funding support in the next two years, in addition to significant capital over the long term.
 
Since the assumptions behind it are inherently risky, and its likelihood of delivery is highly uncertain, the board also concluded it will not be able to support the investments necessary to proceed with the proposed strip products UK transformation plan.
 
Tata Steel's web site says it is the second largest steel producer in Europe with a diversified presence across the continent. It has a crude steel production capacity of over 18 million tonnes per annum there -- more than two thirds of the group's total capacity.
 
In UK and Ireland it has three steelmaking facilities at Port Talbot, Rotherham and Scunthorpe, with a combined crude steel production capacity of 11 million tonnes per annum. 
 
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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