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United Breweries Group Chairman Vijay Mallya has been ordered by the Karnataka High Court in Bangalore to appear before it on Tuesday for the ongoing winding-up petitions against UB Holdings (UBHL) filed by five creditors trying to get back Rs 600 crore.
The high court on Monday said Mallya should appear in court with his passport. It also said UBHL had not complied with the court’s order to give the statutory auditor’s report filed on the share sale to Diageo.
Global financial institutions including BNP Paribas and various other aircraft & engine lessors have been fighting a battle against UBHL and Kingfisher Airlines for recovering dues and had almost stalled the share sale of UBHL’s holding in United Spirits to Diageo. However, the court had earlier granted approval to UBHL for the share sale provided UBHL presented Rs 250 crore as guarantees to the court, which UBHL did. Meantime, the court has been hearing winding-up petitions against UBHL.
Mallya told UBHL shareholders recently he was trying to work out an out-of-court settlement with two of the five petitioners, while the other three petitions are being contested.
The high court on Monday said Mallya should appear in court with his passport. It also said UBHL had not complied with the court’s order to give the statutory auditor’s report filed on the share sale to Diageo.
Global financial institutions including BNP Paribas and various other aircraft & engine lessors have been fighting a battle against UBHL and Kingfisher Airlines for recovering dues and had almost stalled the share sale of UBHL’s holding in United Spirits to Diageo. However, the court had earlier granted approval to UBHL for the share sale provided UBHL presented Rs 250 crore as guarantees to the court, which UBHL did. Meantime, the court has been hearing winding-up petitions against UBHL.
Mallya told UBHL shareholders recently he was trying to work out an out-of-court settlement with two of the five petitioners, while the other three petitions are being contested.
