Sunday, August 31, 2014

#UBI declares #Kingfisher Airlines and its promoter #Vijay Mallya as 'wilful defaulter': PTI

Kolkata headquartered United Bank of India (UBI) had filed a caveat in the Supreme Court against Kingfisher Airlines (KFA) shortly after Calcutta High Court division bench delivered its judgement.
The division bench of the High Court dismissed a KFA appeal against UBI and upheld decision of single judge of not allowing the company to be represented by a lawyer.
Mallya and Kingfisher's board can be represented by the company's law officers or company secretary for the hearing before the state-run bank.
UBI has filed a caveat against KFA in SC shortly after Calcutta HC delivered its judgement, said executive director of UBI D Narang to news agency PTI.
The order said that either KFA chairman Vijay Mallya could appear or send a company representative for the hearing in front of the bank's grievance redressal panel.
Earlier, UBI had identified Vijay Mallya as a willful defaulter and asked him to appear before the bank's panel to hear him out before declaring him as a willful defaulter. According to UBI, the airline owes it about Rs 350 crore.