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post #1 of 5 (permalink) Old 02-27-2016, 10:49 PM Thread Starter
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A change at Force India?

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A change at Force India?
February 27, 2016 by Joe Saward
The Hindustan Times is reporting that the golden handshake that Vijay Mallya signed with Diageo means that his involvement in the Formula 1 team is now over. It says that Watson Ltd, the Mauritius company that owns Mallya’s shares in the F1 team’s holding company, is now owned by Diageo, as the result of an unpaid loan of $135 million from Standard Chartered Bank for which Diageo stood as a guarantor. Watson defaulted on the loan but remained liable for all amounts paid. Watson owns 42.5 percent of the team. Another 42.5 percent is owned by Roy Subrata Sahara, currently in jail in India, who says that he wants to sell his shares. The remaining 15 percent is owned by the Mol Family, which was involved with the team during its Spyker era.
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post #2 of 5 (permalink) Old 02-29-2016, 11:38 PM Thread Starter
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Mallya still in charge, but...

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Posted in F1 Drivers | 29 Comments »
Mallya is still in charge
February 28, 2016 by Joe Saward
Vijay Mallya says he is still in charge of Force India. In which case, Diageo is still claiming $135 million from Mallya’s company Watson Ltd (Mauritius). The drinks company’s loan guarantee was secured with Watson’s shares in Force India (42.5 percent) so, Mallya owes them $135 million or has to hand over the shares. He can delay that a while, by pointing, pulling a funny face and saying “Blimey a flying elephant” and then running out of the room, but one supposes that Diageo is now pretty fed up with him. I imagine that he cannot pull $135 million out of his briefcase without getting into all kinds of trouble with the throngs of other creditors in India, so he is in a bit of a spot, isn’t he?

He doesn’t have the money to buy the other 42.5 percent shareholding that belongs (on paper) to jailed partner Roy Subrata Sahara. His share in the team, acquired for $100 million in 2011, is now worth what someone will pay for it (in other words, next to nothing). Sahara needs $700 million to get out of jail, and does not have many assets left. He is not going to be happy to give his share of the team away, so he might as well stay “inside” and get free board and lodging. The bad news is that the courts may end up seizing his assets and selling them for what they are worth (i.e. next to nothing).

I cannot imagine that Vijay will go to visit Sahara. One needs to be careful what you do in a place where a man can go to jail for two years without being charged… It is safer in Hertfordshire.
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post #3 of 5 (permalink) Old 03-01-2016, 01:06 AM
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Wow, that is a big hole he dug for himself.

The press here was just getting tidbits to us that Mallya's business dealings were under investigation. I never knew it was this bad.
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post #4 of 5 (permalink) Old 03-01-2016, 01:56 AM Thread Starter
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Originally Posted by Noodles View Post
Wow, that is a big hole he dug for himself.

The press here was just getting tidbits to us that Mallya's business dealings were under investigation. I never knew it was this bad.
His airline has been grounded and license withdrawn for 3 years. His UB group Indian conglomerate and Whyte & Mackay distillers U.K. are all gone.
https://en.wikipedia.org/wiki/Histor...isher_Airlines
Somerset Maugham described Monaco as "a sunny place for shady people".
It reminded me a bit of some of the characters in F1.
Well, the genji people still have a minority share in the new Renault team, after ruining the once proud Lotus team, the Caterham wrecking crew has gone, and VJ is on the way out.
Another guy who likely founded his fortune by not paying the royalties to his artists (they had to sue for years), especially Mike Oldfield who didn't receive a penny from 'tubular bells' for years, 'Sir' Richard Branson, was smart enough to get out of F1.
Well, Francis Drake drew the road map.
Cheers
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post #5 of 5 (permalink) Old 03-08-2016, 04:51 PM Thread Starter
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Banks move Supreme Court on Vijay Mallya: stop him from moving abroad

Banks move Supreme Court on Vijay Mallya: stop him from moving abroad | The Indian Express

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The banks contended that the Debts Recovery Tribunal (DRT) should have issued an arrest warrant against Mallya in order to compel him to truthfully disclose all his assets. On Monday, a DRT judge in Bengaluru had restrained multinational alcoholic beverages company, Diageo Plc, from paying Mallya Rs 515 crore as part of a settlement to exit United Spirits Limited.
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The petition added that the High Court ought to have appreciated that the interim order seeking impounding of Mallya’s passport was “very urgent” because if he moved to London, the purpose of filing the writ petition against him would be defeated.
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