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HindustanTimes Fri,25 Apr 2014

Karnataka HC summons Mallya in winding up case

HT Correspondent, Hindustan Times  Bangalore, September 16, 2013
First Published: 23:37 IST(16/9/2013) | Last Updated: 03:25 IST(17/9/2013)

The Karnakata high court on Monday issued an emergent notice to UB group chairman Vijay Mallya to present before it on Tuesday in connection with winding up petitions filed by the creditors, who are trying to get back around Rs. 600 crore from his company.

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The sitting judge Justice Ram Mohan Reddy asked Mallya to appear in the court and bring along his passport. The court ordered this as Mallya failed to submit the audit report of United Breweries Holding Limited (UBHL) before the court as on May 24. The court had asked to submit the report and deposit Rs. 250 crore in the court custody.

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Certain companies, including BNP Paribas, which are creditors to UBHL had filed company petitions in the high court seeking winding up of UBHL as the holding company was unable to pay its debts.

UBHL, holding company of the UB Group, is contesting in the court the admission of six winding up petitions filed by aircraft lessors and financiers of crisis-hit Kingfisher Airlines last year.

The creditors are trying to get back close to Rs. 600 crore and had almost stalled the share sale of UBHL’s holdings in United Spirits to Diageo, global spirits major.

However, the court had earlier granted approval to UBHL to go ahead with the share sale provided UBHL submitted Rs. 250 crore as guarantees to it.

While UBHL has submitted the same, the court has been hearing the winding up petitions.

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