2014 Was Not A Smoothe Ride For These Companies

Sahara:

Sahara’s story is not confined in 2014 alone. It has been going on for a few years now and the company’s talks with Securities Exchange Board of India are not getting  better. SEBI accused Sahara of flouting norms while raising funds through an Rs 20,000-crore public debt issue. But for Sahara this year is a special one of all the disturbed years, because this is when it called the SEBI, the ‘sarkari gunda.’ In March, the group’s boss Subrata Roy defied the Supreme Court’s order to be present at a hearing in the case, leading the apex court to order his imprisonment and struck a heavy Rs 10,000 crore bail bond on him—which is probably the biggest anywhere in the world ever. It’s been nine months since and Sahara’s Roy still has to leave jail premises.

UB Group:

What started with implosion of Kingfisher Airlines in 2012 does not seem to end for Vijay Mallya. 2012 was in fact a decisive year for Vijay Mallya’s UB Group, as this conglomerate decisively lost its stranglehold on profitable enterprises such as United Spirits, United Breweries and Mangalore Chemicals. Mallya also faced several personal setbacks, with banks labeling him a ‘willful defaulter’ and minority shareholders at Diageo-controlled United Spirits opposing a deal that was seen as favorable to his UB Group. Very recently the self proclaimed 'King of Good Times' Mallya had to quit top posts at two group companies—Mangalore Chemicals & Fertilisers Ltd and grounded Kingfisher Airlines.

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