A consortium of 17 banks, led by State Bank of India, has slapped a contempt case against liquor baron Vijay Mallya, his grounded airline Kingfisher Airlines and United Breweries Holdings Limited (UBHL). In the petition that they have filed in the Karnataka High Court, they have alleged violation of an oral undertaking that he had given to the Debt Recovery Tribunal (DRT).
"We have filed a contempt application in the High Court against Kingfisher Airlines, United Breweries Holdings Limited (UBHL) and Dr Vijay Mallya for violating an undertaking given before DRT...," PTI quoted N Chintan Chinappa, counsel for consortium of banks as saying.
Chinappa argued in the court that "an undertaking was given before the DRT that neither would the unencumbered assets be alienated nor dealt with, but Mallya went ahead and created pledges in violation." The High Court then issued a contempt notice against Mallya.
07/01/15 Business Insider
"We have filed a contempt application in the High Court against Kingfisher Airlines, United Breweries Holdings Limited (UBHL) and Dr Vijay Mallya for violating an undertaking given before DRT...," PTI quoted N Chintan Chinappa, counsel for consortium of banks as saying.
Chinappa argued in the court that "an undertaking was given before the DRT that neither would the unencumbered assets be alienated nor dealt with, but Mallya went ahead and created pledges in violation." The High Court then issued a contempt notice against Mallya.
07/01/15 Business Insider
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