United Spirits says that Vijay Mallya had diverted over Rs. 1,200 crore in funds from the company to KingFisher Airlines and his Formula One team. The company says that the Rs 500 crore settlement it had reached with Vijay Mallya would no longer hold water. NDTV
Tata has been considering bids for its steel assets in UK, and Thyssen Krupp, one of the companies courting Tata and in merger talks, said that 'consolidation' is looking increasingly necessary to survive in the Europe market. ET
Growth is weak all around, according to the JPMorgan Manufacturing Index. The data was collected pre-Brexit, which suggests outlook will worsen as political uncertainty rises in UK and Europe. LiveMint
Senior ministers in the BJP government say that the opposition's demand to 'ring fence' the GST rates and ensure successive governments cannot increase rate caps is a sensible suggestion. The Congress party hopes to come to a final stand on the law next week. BS
Photo of the Day: Children in Syria play underground, in a playground built to protect them from shelling and missile fire. Guardian
