Bangalore: In more trouble for the beleaguered Kingfisher boss Vijay Mallya, the Karnataka High Court has summoned him to the court on Tuesday. He has been summoned in relation to a case of the creditors of the Kingfisher group like BNP Paribas, Rolls Royce, and others.
The companies had filed a winding-up petition for non-clearance of dues. The creditors had asked the court to direct the United Breweries Holdings Limited (UBHL) to wind up operations and pay long-pending dues to them. UBHL is the investment holding of the entire group, comprising United Breweries Limited, United Spirits Limited, Kingfishers Airlines, Mangalore Chemicals & Fertilisers among others.
There were 10 creditors who had filed the petition in April 2013. The creditors had also argued that the United Spirits Limited selling stake to Diageo had made some money that could be used to pay off KFA debts.
The High court had asked UBHL to submit audit reports to the court. In an interim order issued two days ago, the HC had instructed the UBHL to prevent the use of proceeds of Diageo deal towards any other financial purposes.
The Audit reports have not been submitted for over 3 and half months. The HC has now asked the UBHL lawyers to get Mallya in court in person for non-compliance.
Comments
0 comment