UB Group Chairman Vijay Mallya said on Monday that all the issues related to money owed to lenders are expected to be resolved during the current financial year.

Addressing the shareholders of UB Holdings’ during the 99{+t}{+h} AGM, he said the dues as reported by the media were “highly inflated”.

“Suffice for me to say during the course of the financial year, we will resolve all those issues,” he said. As per the annual report, the dues total ₹6203.35 crore.

Mallya also said that he will preside over the annual general meeting of United Spirits even though Diageo holds majority stake in that company.

“There, I shall share my perspective of the liquor business and the outlook for the future,” he said. No date has so far been set for the AGM of United Spirits.

Taking an aggressive stance to the criticism against him, Mallya, who is Chairman of UB Holdings, said: “We have weathered many a storm before. There has been a lot of speculation which should not cloud our judgment and should not distort actual facts. During the course of the current financial year, there should be positive news about the settled issues.”

Kingfisher Airlines With regard to invoking the guarantees by the consortium of bankers for the borrowings for Kingfisher Airlines, he said they were not provided for because “well before the guarantees were invoked, the company had filed a suit in the Bombay High Court challenging the very validity of the guarantees. The suit has been admitted in the court.” He added that the company, which does not have a managing director as well as the CFO, has identified a few candidates and the appointments will take place soon.

During the AGM, one of the shareholders raised the issue of Mallya’s son, Siddharth who has attended only two board meetings during the year. He wanted to know whether it was correct on the part of the board to seek his re-election.

“He should relieve the burden of his father and the chairman. We do not want him to be just a board member.”

To which Mallya replied that he was still fit to continue as chairman of the company. “Even though I will turn 60 next year, I am celebrating my 20{+t}{+h} year for the third time,” he remarked.

Another shareholder claimed that the allegations against the company were “ludicrous and ridiculous” and that all of them had full confidence in the chairman and the management. The shareholders also gave their nod to the appointment of Daljit Mahal as a director on the board of UB Holdings.

Related Topics
comment COMMENT NOW