Companies & Sectors
Hearing on winding up Mallya's holding firm adjourned till April 11

Creditors like French bank BNP Paribas and State Bank of India, lessors such as Rolls Royce and International Aero Engines and state-run oil marketing firm HPCL had jointly filed petitions in the high court in November 2013 after the cash-strapped airline and its holding firm UBHL failed to repay dues worth Rs.600 crore

 

The Karnataka High Court on Thursday adjourned the final hearing to April 11 on winding up petitions against United Breweries Holdings Ltd. (UBHL) of liquor baron Vijya Mallya for defaulting on loans to its defunct Kingfisher Airlines.
 
"Justice Arvind Kumar adjourned the case to April 11, as arguments on both sides could not be completed for want of time," a counsel, who appeared for the creditors, told reporters.
 
Creditors like French bank BNP Paribas and State Bank of India, lessors such as Rolls Royce and International Aero Engines and state-run oil marketing firm HPCL had jointly filed petitions in the high court in November 2013 after the cash-strapped airline and its holding firm UBHL failed to repay dues worth Rs.600 crore.
 
When the Paribas counsel appealed to the judge for giving priority to its petition as it was the first aggrieved party to approach the court in November 2012 for relief, Justice Arvind Kumar said justice would be done to all the petitioners as they were same in the eyes of law.
 
As the group's flagship company, the Mallya-controlled UBHL has equity stakes in United Breweries Ltd (UBL), the country's largest beer producer, and United Spirits Ltd., the country's largest liquor maker, now controlled by the British Diageo plc.
 
Though Mallya lost control over United Spirits Ltd., he still has controlling state (52.34 percent) in the holding firm, which was funding the grounded airline.
 
According to the Paribas counsel, the holding company borrowed $26.63 million from the French bank to purchase three aircraft for its airline but failed to repay the principal amount as well as interest on it.
 
"We have petitioned the court to order winding up the holding company as it failed to honour corporate guarantees it gave on behalf of the airline," the bank counsel said.
 
UBHL's employees, however, opposed winding it up as it would render them jobless and affect the group's other companies, including the profit-making UB Ltd.
 
A consortium of 17 state-run and private banks, led by the SBI, on March 8 moved the Supreme Court after it failed to get relief from the Karnataka High Court and the debt recovery tribunal against defaulter Mallya and his airline, which owns a whopping Rs.9,000-crore debt, including compound interest.
 
The apex court on March 9 served notice to Mallya and posted the case for hearing to March 30, although he left the country on March 2 and is learnt to be staying in London.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Over two dozen die in Uttar Pradesh on Holi
The police said that most of the deaths in road accidents were result of rash, careless and drunk driving
 
Despite heavy security and precautions taken by the administration, more than two dozen people were killed in Uttar Pradesh on Holi, police said on Friday.
 
While five people were killed in road accidents in Lucknow, nine died in an accident in Bulandshahr and the remaining were killed during brawl or drunk driving.
 
The police said that most of the deaths in road accidents were result of rash, careless and drunk driving.
 
In central and western Uttar Pradesh, clashes between groups over trivial issues also led to some deaths.
 
As many as 252 people were injured in road accidents on Holi. A majority of the injured people suffered head injuries, fractures and open wounds, an official told IANS.
 
At the trauma centre in Lucknow, the neurology department was full as most of the patients were rushed with head injuries due to riding without wearing a helmet. The Ortho wards were also occupied in the city.
 
However, the Director General of Police headquarters in the state has put the toll at 14.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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COMMENTS

srinivas

11 months ago

The Headline shows your sick mind. The accidents do not have any relation to Holi, they are result of rash driving. But your title says deaths are result of Holi. What a pathetic reporting. :(

Nifty, Sensex uptrend continues – Weekly closing report
Nifty will head higher as long as it remains above 7,600
 
The positive momentum of past three weeks was carried forward this week as well. Indian indices closed higher in the range of 1% to 2%. Last week, we had mentioned Nifty has to stay above 7,550 for the index to head higher. For the three day week ended 23 March 2016, the index stayed much above this level. The trends of the major indices in the Indian stock markets over the week’s trading are given in the table below:
 
 
The week began with the Nifty opening marginally higher and managed to stay above Friday’s close for the entire session on Monday. Nifty closed 1.31% higher at 7,704. Finance Minister Arun Jaitley on Sunday defended the government's decision to slash interest rates on PPF and national small savings, saying this will help transform the economy from a "sluggish" state to an "efficient" one. India's current account deficit (CAD) dropped to $7.1 billion or 1.3% of GDP in the third quarter of 2015-16 on account of narrowing trade deficit, Reserve Bank of India (RBI) said on Monday.
 
On Tuesday, Nifty managed to stay above the support of 7,600 and closed higher, although marginally. Nifty closed at 7,715 (up 0.14%). Weak global cues affected the positive momentum. The market was trading under the shadow of news of potential US rate hike, coupled with negative Chinese indices and profit booking.
 
On Wednesday, Nifty traded in the negative for almost the entire session but managed to close flat with a positive bias. Nifty closed at 7,717 (up 0.02%). The top loser on the index, Reliance Industries, fell after media reports suggested that its telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year.
 
Global credit rating agency Standard & Poor's (S&P) reportedly said in a latest report on Indian banks that stand-alone credit profiles and ratings on some PSU banks could get lowered, given their weakening asset quality and capitalisation.
 
The stock market remains shut on Thursday, 24 March 2016, on account of Holi and again on Friday, 25 March 2016, on account of Good Friday. Most global stock markets will be closed on account of Good Friday.

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