Companies & Sectors
Mallya's son Sidhartha resigns as director from UB Holdings
Bengaluru : Beleaguered liquor baron Vijay Mallya's son Sidhartha V. Mallya resigned as non-executive and non-independent director of United Breweries Holdings Ltd, the listed firm said on Friday.
 
In a regulatory filing to the BSE, the city-based holding firm said 28-year-old Sidhartha vacated the office of director with effect from March 31, under the relevant section of the Companies Act.
 
Sidhartha, who was first appointed as director in May 2005, was reappointed to the executive on rotation with the shareholders' consent at the company's 99th annual general meeting here on September 28, 2015.
 
The company, however, did not give reason for Sidhartha's sudden resignation.
 
As chairman, Mallya holds majority equity stake (52.34 percent) in the holding firm, whose flagship company is the country's largest beer maker United Breweries Ltd.
 
As a holding firm, UBHL has strategic investments in group companies, securities, overseas trade, real estate development, commercial and residential properties and licensing of trade marks.
 
Though Sidhartha also has US citizenship, he graduated in science from Queen Mary University in London.
 
The only son of Mallya, he is also a director on the board of other group firms such as Kamsco Industries, Mallya Ltd, Royal Challengers Sports Ltd, Gem Investment & Trading Company Ltd and United Mohun Bagan Football Team Ltd.
 
According to company sources, Sidhartha is currently abroad, pursing a film career in Hollywood and doing a drama course in London.
 
An ardent cricket buff like his father, Sidhartha is in India during summer when his team (RCB) plays in the IPL T20 tournament every year.
 
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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States isssue Rs.1 lakh crore Uday bonds to address discom debt
New Delhi : Eight states, including Uttar Pradesh and Bihar, have issued bonds of nearly Rs.1 lakh crore in 2015-16 under the UDAY scheme for debt restructuring of distressed state distribution companies (discoms), Power Minister Piyush Goyal said on Friday.
 
"Another target achieved: UDAY bonds worth almost Rs 1 lakh crore issued in the last financial year helping achieve 24X7 affordable power for all," he said in a tweet.
 
Goyal also welcomed Uttarakhand joining the scheme.
 
"Congratulations to the people of Uttarakhand on the Govt. of India, State and DISCOMs signing UDAY MoU to ensure power for all," he added, on the state signing the Uday MoU here on Thursday.
 
"Under UDAY, ten states have signed MoU till date. The combined discom debt that would be restructured in respect of these states is around Rs.1.96 lakh crore, which is approximately 45 percent of the total outstanding discom debt of Rs.4.3 lakh crore as on 30th September, 2015," a power ministry release said.
 
The scheme envisages taking over 75 percent of discoms' cumulative debt by March next year. States would issue loans against the debt at prevailing market rates. The balance 25 percent would be issued as sovereign backed bonds by discoms.
 
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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Hero MotoCorp's March sales up 14 percent
New Delhi : Hero MotoCorp Ltd (HMCL), the world's leading two-wheeler manufacturer, on friday reported a 14 percent growth in sales in March 2016.
 
"HMCL sold 606,542 units in March, with a 14 percent growth over the corresponding month last year when the company had sold 531,750 units," it said in a statement.
 
Apart from March, the two-wheeler maker also exceeded 6 lakh plus monthly sales in October and September in the 2015-16 fiscal. 
 
It sold 6,632,322 units of two-wheelers during 2015-16 as compared to 6,631,826 units in 2014-15, the company said. 
 
"FY'16 has also been a landmark year. We launched our first in-house developed products and commissioned our first overseas manufacturing facility began operations at our centre of innovation and technology at Jaipur," said company's chairman and managing director and CEO Pawan Munjal. 
 
"The industry witnessed mixed fortunes in FY '16 with sales looking up in the second half of the year. Timely measures by the government and a good monsoon will be essential in sustaining this positive trend," he said.
 
The company's global footprint also expanded to 30 countries.
 
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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