Monday, February 15, 2016

PNB declares Mallya, UBHL as 'wilful defaulter'

New Delhi: In further clampdown on Vijay Mallya, state-run Punjab National Bank has declared him as well as his group firms UB Holdings (UBHL) and long-grounded Kingfisher Airlines as "wilful defaulter".

While the embattled UB Group said it is consulting with lawyers to challenge the decision, PNB insisted loans must be paid back in the larger interest of the country.

PNB is the third public sector bank to declare the air carrier and its two guarantors - United Breweries (Holdings) Ltd and flamboyant Mallya - as wilful defaulters. Earlier, United Bank of India and SBI had done the same.

Punjab National Bank vide letter dated February 11, has declared the company a "wilful defaulter", UBHL said in a BSE filing, adding it received the letter on Monday.

"The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard," UBHL said on its future course of action.
16/02/16 PTI/Business Standard
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