Bangalore: United Breweries Holdings (UBHL), the holding company of Vijay Mallya's UB group, is mulling the commissioning of a study to decide on ways and means to recover loans extended to grounded group company Kingfisher Airlines (KFA).
In its annual report for 2012-13 released on Saturday, UHBL said, “The Board of Directors of your Company at an appropriate time will discuss the merits of commissioning an in-depth study to assess the recoverability of amounts advanced to KFA as part of its strategic review of all core investments. Meanwhile, in order to keep its investment prospects alive, your Board has decided to keep the Airline funded on a need basis.”
It may be recalled that the consortium of lenders moved the Karnataka High Court last month seeking to restrain UBHL from disbursing the entire amount realised from sale of 13.61 crore shares of USL shares held by it, to UK-based Diageo Plc as part of the November 2012 deal that allowed Diageo to take controlling stake in United Spirits (USL).
25/08/13 Deccan Herald
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In its annual report for 2012-13 released on Saturday, UHBL said, “The Board of Directors of your Company at an appropriate time will discuss the merits of commissioning an in-depth study to assess the recoverability of amounts advanced to KFA as part of its strategic review of all core investments. Meanwhile, in order to keep its investment prospects alive, your Board has decided to keep the Airline funded on a need basis.”
It may be recalled that the consortium of lenders moved the Karnataka High Court last month seeking to restrain UBHL from disbursing the entire amount realised from sale of 13.61 crore shares of USL shares held by it, to UK-based Diageo Plc as part of the November 2012 deal that allowed Diageo to take controlling stake in United Spirits (USL).
25/08/13 Deccan Herald
