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TMCNet:  BANKS ULTIMATUM TO UNITED SPIRITS: REMOVE MALLYA FROM BOARD OR NO CREDIT

[June 09, 2014]

BANKS ULTIMATUM TO UNITED SPIRITS: REMOVE MALLYA FROM BOARD OR NO CREDIT

(Indian Business Insight Via Acquire Media NewsEdge) Lender banks have asked United Spirits Ltd (USL) to remove Vijay Mallya from the Board of Directors or face withdrawal of credit facilities. The banks intend to recover debt facilities of Rs8,000 crore given to Kingfisher Airlines. The banks have also told USL that they may recall existing debt given to the company. United Bank of India is likely to declare Vijay Mallya as a wilful defaulter.


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