Bangalore: Troubled tycoon and UB chairman Vijay Mallya's group investment company United Breweries Holdings (UBHL) may bite a $2.1-billion bullet as the grounded Kingfisher Airlines (KFA) shows no signs of revival and creditors up the ante.
UBHL auditors said the company's cumulative exposure to the airline company stood at Rs 13,250 crore, double of what it owes a consortium of banks as guarantees. The note of the auditors comes at a time when the Supreme Court allowed a slew of winding-up petitions filed by secured and unsecured creditors against UBHL to proceed in the Karnataka high court. Chartered accountants Vishnu Ram & Co made the observations while reviewing UBHL's third quarter results ended December, as the company reported revenues of Rs 140 crore and a loss of Rs 3.5 crore as against a profit of nearly Rs 39 crore a year ago.
14/02/14 Anshul Dhamija/Times of India
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UBHL auditors said the company's cumulative exposure to the airline company stood at Rs 13,250 crore, double of what it owes a consortium of banks as guarantees. The note of the auditors comes at a time when the Supreme Court allowed a slew of winding-up petitions filed by secured and unsecured creditors against UBHL to proceed in the Karnataka high court. Chartered accountants Vishnu Ram & Co made the observations while reviewing UBHL's third quarter results ended December, as the company reported revenues of Rs 140 crore and a loss of Rs 3.5 crore as against a profit of nearly Rs 39 crore a year ago.
14/02/14 Anshul Dhamija/Times of India
