5:02 am - Thursday November 5, 2015

UBI files caveat in SC against Kingfisher

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HC rejects Kingfisher’s plea against move by banks
HC rejects Kingfisher’s plea against move by banks

State-owned United Bank of India (UBI) has filed a caveat in the Supreme Court against Kingfisher Airlines (KFA).

“We filed the caveat today against KFA,” Executive Director of UBI D. Narang told The Hindu.

The development comes a day after the Division Bench of the High Court dismissed a KFA appeal against UBI.

A caveat would mean that UBI would have to be informed of the Vijay Mallya Group plans to appeal against the High Court order.

UBI has an exposure of around Rs.400 crore in Kingfisher Airlines

Earlier, UBI had identified Vijay Mallya as a wilful defaulter, and asked him to appear before the bank’s panel to hear him out before declaring him as a wilful defaulter. Mr. Mallya later moved the court seeking exemption of his appearance before the panel.

Having crafted a turnaround, UBI is now trying to consolidate its position. It clocked a 47.3 per cent rise in its net profit in the first quarter which touched Rs.65.8 crore.

“We are on a strong wicket. He has been identified as defaulter,’’ a bank official said.

Mr. Narang and Sanjay Arya, also an Executive Director, now look after UBI’s affairs since the resignation of the former Chairman and Managing Director Anjana Bhargava in February, 2014, when the bank plunged into huge losses.

 

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