Press Esc to close
Sunday 26 October 2014
News updated at 2:29 AM IST
Weather
Max: 27°C
Min : 19.2°C
In Bangalore
Generally cloudy

Mallya shrugs off winding up petitions against UBHL

Bangalore, Sep 12, 2013, DHNS:

Banks had moved court for Rs 6,203 crore

UB Holdings (UBHL) Chairman Vijay Mallya said that he wasn't perturbed by cases filed by various petitioners to wind up the company for its alleged failure to honour guarantees given by it on behalf of UB group's failed aviation venture, Kingfisher Airlines (KFA).

“There are five winding-up petitions filed before the Karnataka High Court in Bangalore. Out of these, we have serious counter-claims against three, which basically leaves two, with whom we are in dialogue for out-of-court settlement,” he told reporters after the conclusion of the 97th annual general meeting of UBHL here on Thursday.

It may be recalled that a consortium of 14 banks that had lent money to KFA had filed a petition in July this year at the Karnataka High Court, Bangalore, seeking to restrain UBHL from disbursing the amount it had realised from sale of 13.61 crore shares of another group United Spirits to UK liquor company Diageo as part of the November 2012 deal.


The consortium had said that it had to recover Rs 6,203 crore from KFA and UBHL.  UBHL had executed corporate guarantees on behalf of KFA. Earlier, during the AGM, he told shareholders lenders have initiated claims against UBHL on “dubious” grounds, a veiled reference to their invoking corporate guarantees given by the company.

On roping in investors for KFA, he was vague in his response. “Talks are on with potential investors,” he said at the AGM, something that he said during KFA's annual general meeting last year.  Mallya also said that residential project of UBHL.

A note put up by Kotak Securities said UBHL is entitled to 55 per cent share of the super built area and the luxury residential project is expected to be completed by 2015.
While declining to comment on how many flats have been sold, Mallya conceded that the rates have come down from Rs 30,000 per sq ft to about Rs 24,000 in the recent past, reflecting softening of real estate prices as a result of economic downtrend.

On fears of him losing control of stake due to rival fertiliser companies Zuari and Deepak picking up large stakes in another UB group company Mangalore Chemicals & Fertilisers (MCF), Mallya said, “I can't stop people from buying shares. But, we are fully in control of MCF and intend to be so.”

Go to Top

Photo Gallery
Mrs. Komal Kalra Pagarani who is all set to represent India...

Mrs. Komal Kalra Pagarani who is all set to represent India...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Fire at Balaji Studio Killick Nixon Studios in Mumbai...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Sikh religious warriors, display their horse-riding skills at an event organized to celebrate...

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Bollywood actor Shatrughan Sinha with his family during Amitabh Bachchan's Diwali party in Mumbai..

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Sachin Tendulkar and his wife Anjali with Abhishek Bachchan during Bachchans' Diwali party...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Narendra Modi clicks photographs during the Diwali Mangal Milan programme at BJP headquarters...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Nitin Gadkari leaves after meeting RSS Chief Mohan Bhagwat at RSS headquarters in Nagpur...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Brother & Sister take holy dip in river Yamuna on the occasion of Bhai Dooj...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Dhoni talks to Hockey India player Ashunta Lakra during launch of hockey team in Ranchi...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

Brother of Thailand's Prime Minister Payap Shinawatra takes part in Robe...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523