News PNB declares United Breweries Holdings ‘wilful defaulter’

[Technoglitch]

Vjay Mallya-led United Breweries Holdings Ltd today said it has been declared a “Willful Defaulter” by Punjab National Bank (PNB) and the company is consulting lawyers to challenge the decision.

Punjab National Bank vide letter dated February 11, has declared the company a “Willful Defaulter”, United United Breweries Holdings Ltd (UBHL) said in a BSE filing, adding it received the letter on Monday.

On its future course of action, UBHL said: “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.”

In November, State Bank of India had declared Mallya, Kingfisher Airlines and its holding company United Breweries Holdings as wilful defaulters.

A bank consortium led by SBI has decided to auction Kingfisher House in Mumbai on March 17 this year in a bid to recover a part of Rs 6,963 crore debt due from the now grounded Kingfisher Airlines.

PNB declares United Breweries Holdings ‘wilful defaulter’ | The Financial Express

 

[IndianMascot]

So one by one every bank is declaring Mallya a defaulter.

 

[Sanjeev]

How many more left now

 

[IndianMascot]

Lot many. He will die by the time every bank will do that

 

[Deepu]

Now SC has asked RBI to provide the companies list which has defaulted more than 500 crores

 

[IndianMascot]

So, many more companies will come into highlight.

 

[Aviral Sangal]

They challenged the decision in high court when some other back declared them willful defaulter and high court granted them relief asking bank to hear their side of the story.

 

[scorpionking76]

All these big corporates will escape by repaying. Only poor farmers will have to repay the loan.