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.
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.