United Bank of India has become the first bank to declare Kingfisher
Airlines, it's promoter Vijay Mallya as well as three directors on the
board of KFA as wilful defaulters.
According to a source close to the development, " the action comes after KFA officials did not show up for the meeting with United Bank's grievance redressal cell this morning at 10:30 AM." The grievance redressal committee of United bank of IndiaBSE 3.84 % is headed by the bank's executive director D Narang. The bank is also in the process of sending formal notices to the company. Sources say the bank will also inform the Reserve Bank of India about its decision.
"Yes, we have declared Vijay Mallya and three directors as wilful defaulters," UBI executive directors Deepak Narang told ET.
Wilful defaulters are prohibited to borrow money from banks and cannot continue as a director in any company.
Read news in full 01/09/14 Simran Gill/Economic Times
According to a source close to the development, " the action comes after KFA officials did not show up for the meeting with United Bank's grievance redressal cell this morning at 10:30 AM." The grievance redressal committee of United bank of IndiaBSE 3.84 % is headed by the bank's executive director D Narang. The bank is also in the process of sending formal notices to the company. Sources say the bank will also inform the Reserve Bank of India about its decision.
"Yes, we have declared Vijay Mallya and three directors as wilful defaulters," UBI executive directors Deepak Narang told ET.
Wilful defaulters are prohibited to borrow money from banks and cannot continue as a director in any company.
Read news in full 01/09/14 Simran Gill/Economic Times
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