The nation's largest private sector lender ICICI Bank has filed three caveats at the Company Law Board, Mumbai anticipating litigation from Kingfisher Airlines.
" The caveats were filed last week against Vijay Mallya, United Breweries Holdings and Kingfisher Finvest India ", two individuals privy to the development told ET NOW. Caveats are filed to protect a company from any ex-parte proceedings or orders. The trigger for the caveats could not be independently confirmed from the sources cited above.
ICICI Bank declined to comment on the development while in an email response to ET NOW, Kingfisher Airlines said, " We have an excellent and long standing relationship with ICICI Bank and we have no reason to contemplate legal action."
Kingfisher Finvest India was incorporated in 1999 and operates as a subsidiary of United Breweries (Holdings) Limited. Both entities had pledged their entire holdings in Kingfisher Airlines in 2011as part of requirements under the airlines debt recast package.
04/04/12 Economic Times
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