Press Esc to close
Sunday 19 February 2017
News updated at 8:09 PM IST
Weather
Max: 29.3°C
Min : 15.9°C
In Bengaluru
clear sky

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
Theater Person Lakshmi Chandrashekar in an interview to Prajavani Metro for ' Naa Kanda...

Theater Person Lakshmi Chandrashekar in an interview to Prajavani Metro for ' Naa Kanda...

A n aircraft take off in a backdrop of sun set on the last day of the 11th biennial edition...

A n aircraft take off in a backdrop of sun set on the last day of the 11th biennial edition...

A Truck caught fire , at Road in Tinsukia, Assam on Saturday...

A Truck caught fire , at Road in Tinsukia, Assam on Saturday...

Virat Kohli speaks at 49th All India Central Revenue Sports Meet ...

Virat Kohli speaks at 49th All India Central Revenue Sports Meet ...

Indian Air Force's helicopter aerobatic team 'Sarang' on the last day of the 11th Biennial edition..

Indian Air Force's helicopter aerobatic team 'Sarang' on the last day of the 11th Biennial edition..

Skycat Wingwalkers, the Scandinavian aerobatic team, makes a heart on the last day of AERO INDIA...

Skycat Wingwalkers, the Scandinavian aerobatic team, makes a heart on the last day of AERO INDIA...

A three-months-old hippopotamus is seen with its mother Pippa at the Le Cornelle Animal Park...

A three-months-old hippopotamus is seen with its mother Pippa at the Le Cornelle Animal Park...

Bollywood actor Neil Nitin Mukesh with his wife Rukmini during their wedding reception in Mumbai...

Bollywood actor Neil Nitin Mukesh with his wife Rukmini during their wedding reception in Mumbai...

A ball of fire from explosives goes up during the ongoing U.S.-Thai joint military exercise...

A ball of fire from explosives goes up during the ongoing U.S.-Thai joint military exercise...

Sibrerian birds frolic over Narmda River waters in Jabalpur...

Sibrerian birds frolic over Narmda River waters in Jabalpur...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523