UBHL holds 11.46 per cent stake in United Breweries while Mallya holds 52.34 per cent stake in UBHL.

Karnataka HC orders shutdown of UBHL to recover Kingfisher dues will Mallya fall in line
news Mallya Row Tuesday, February 07, 2017 - 16:59

Liquor baron Vijay Mallya suffered another blow as United Breweries (Holdings) Ltd (UBHL) which is the parent company of the UB Group, was ordered to shut down by the Karnataka High Court on Tuesday.

The HC passed the order for recovery of dues from UBHL-promoted Kingfisher Airlines Ltd (KAL).

According to a report in The Hindu, Justice Vineet Kothari gave the judgement through video conferencing, sitting at the Dharwad Bench of the High Court.

The judge also allowed a petition filed in 2012 by IAE International Aero Engines AG, Connecticut, U.S. which sought the winding up of UBHL, that was the guarantor of KAL.

KAL and the UBHL owed Rs 153 crore to IAE in 2012, the report adds.

In the wake of the announcement, shares of the company (UBHL) plunged 6 per cent in intraday trade, as per an Economic Times report.

UBHL holds 11.46 per cent stake in United Breweries while Mallya holds 52.34 per cent stake in UBHL. 

Just recently on February 3, Mallya had tweeted: "Media happily being used as the pitch. I am the football. Two fiercely competitive teams NDA (National Democratic Alliance) versus UPA (United Progressive Alliance) playing. Unfortunately, no referees."

He also took potshots at the CBI over the false allegations.

"(I) am shocked at (the) CBI (Central Bureau of Investigation) allegations. All false and misconceived to say the least. What do a bunch of elite police know about business and economics?"

Mallya is reported to be living in Britain since he left India on March 2, 2016.






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