Chairman of UB (Holdings) Ltd, Vijay Mallya today earned a reprieve from appearance in Karnataka High Court which kept its order in abeyance for a week after the company promised to submit its audited statement of accounts relating to a share-sale deal.
The court yesterday directed Mallya to personally appear with his passport today as the company had failed to adhere to the direction issued by it earlier.
Instead of submitting audited statement of accounts of repayments, expenses and taxes, among others, vis-a-vis sale of shares of United Spirits Limited to global spirits major Diageo Ltd, as directed by the Court on May 24, UBHL yesterday submitted a certificate of auditors, over which Justice Ram Mohan Reddy expressed deep displeasure.
Mallya's counsel today apologised to the court, saying they were guided by the auditors, and pleaded that the statement of accounts as directed by it would be submitted in a week after which the Judge kept his order in abeyance.
Meanwhile, the High Court today granted four weeks to Kingfisher Airlines to submit a plan to revive its operations.
Counsel for KF submitted that serious attempts are being made to revive it, after which the court directed it to give an update on the revival plan, granting it four weeks.