MUMBAI: State-owned United Bank of India has become the first of the 17 lenders to publicly admit that it no longer expects to recover its dues from the beleaguered Kingfisher Airlines. Interestingly, the Kolkata-based lender was the first bank to attempt to get Vijay Mallya, the chairman of Kingfisher Airlines, tagged as a wilful defaulter. Mallya and UB Group, however, challenged this tag in the court.
NEW DELHI: In fresh troubles for Vijay Mallya-led UB Group, the Serious Fraud Investigation Office (SFIO) is probing alleged fund diversions by the long-grounded Kingfisher Airlines to other group firms and has sought details from United Spirits in this regard. Once a flagship firm of Mallya group, United Spirits Ltd (USL) is now controlled by British liquor giant Diageo. In a BSE filing this evening, United Spirits confirmed that the SFIO has sought information from the company about alleged fund diversions by Kingfisher Airlines.
NEW DELHI: Grounded Kingfisher Airlines today said Bharath Raghavan has ceased to be its company secretary and compliance officer from July 31. In a regulatory filing, the airline said that Raghavan has resigned from the services of United Breweries (Holdings) Ltd with effect from the close of business hours on July 31. "Consequently his secondment to Kingfisher Airlines Ltd has simultaneously come to an end and he has ceased to be the company secretary and compliance officer of Kingfisher Airlines Ltd after the close of business hours on July 31, 2015," the filing said.
MUMBAI: State-run United Bank of India today said the BSE has sought clarifications from it on reports that it does not expect to recover Rs 400 crore loan to the grounded carrier Kingfisher Airlines. The BSE has sought clarification from us with respect to news reports in this regard, the bank said in a regulatory filing. The bank is yet to reply to the exchanges. Last week, bank's newly-appointed chief executive P Srinivas told PTI had said it would be able to just recover interest component from the Rs 400 crore it had lent to the airline, owned by flamboyant Vijay Mallya.
Hong Kong (AFP) - Pilots of Hong Kong flag carrier Cathay Pacific were due to start work-to-rule action Thursday after long-running pay talks broke down, raising the prospect of delays and cancellations in the run-up to Christmas.