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According to information available, UB Holdings is understood to have further extended the loan to UB Group's now grounded Kingfisher Airlines and which is not in a position to pay back the sum to UB Holdings. UB Holdings recently made a regulatory disclosure that it has provided for as much as Rs 1,500 crore on loans provided to Kingfisher Airlines. However, UB Holdings had further added that it has adequate other holdings which can be encashed to pay its obligations.
As a result of the delay to publish last fiscal results, NSE has removed USL scrip from Nifty and which was followed closely by another move by NSE and BSE to drop USL from the Future and Option segment from September 19. In similarly-worded circulars, BSE and NSE said "United Spirits Ltd has not submitted financial results for the year ended March 31, 2014 and quarter ended June 30, 2014 as required under Clause 41 of the listing agreement." Consequently, the exchanges have decided to exclude United Spirits from the equity derivatives segment.
It further said no fresh month contracts for the expiry month November shall be issued on expiration of existing August month contract.
In fact, all existing contracts i.e. contracts with expiry month September and October will expire on September 18, 2014. Accordingly, "no future and option (F&O) contract on scrip United Spirits Ltd shall be available for trading on the equity derivative segment of the exchange with effect from September 19, 2014 onwards," the exchanges said in a circular recently.
On Tuesday, USL scrip gained marginally by 0.7% to close at Rs 2,396.90 per share on NSE.
