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Vijay Mallya-owned UB Engineering has been declared sick and has been referred to the Board for Industrial & Financial Reconstruction (BIFR).
UB Engineering, which does not have a board, has not declared results since June 2014.
It had just two directors on the board as of March 31, 2014, but after the resignation of Alfred Tuinman, Executive Director (Commercial), it was left with only the Managing Director, J K Sardana, on the board. However, on its website, it still lists Tuinman as a board director. Apart from UB Holdings and McDowells Holdings, UB Engineering is the only other company in which Vijay Mallya holds a majority stake.
The company, which started operations in 1963, came into the UB Group fold in 1988.
The company’s main operations include EPC projects, infrastructure, on-site fabrication of structures for power, refineries and steel projects.
BSE has also suspended trading of its shares stating that it has been done so because of procedural issues.
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