Bengaluru: United Breweries Holdings (UBHL), the holding company of Vijay Mallya’s UB Group, on March 8 said before the Karnataka High Court that the total value of its assets/shares exceeds Rs 12,400 crore at current market values and that can easily clear all outstanding dues, including the Rs 6,000-crore loans, with interest, owed by Kingfisher Airlines to its lenders. UBHL is the corporate guarantor for the loans raised by the now defunct airline.
The court was told that the attachment of the company’s properties and shares by the ED had handicapped the company’s ability to come out with any proposal or additional deposits as directed by the court on an earlier occasion.
A division bench headed by Chief Justice Dinesh Maheshwari adjourned the proceedings to April 2.
During the hearing, senior counsel Sajan Povayya told the court that in January the total value of assets stood at Rs 13,400 crore, but owing to market fluctuations, their value has come down to Rs 12,400 crore. He said all the outstanding dues to the creditors would not go beyond Rs 10,000 crore.
Senior counsel Udaya Holla, appearing in another appeal, said that the ED had attached everything. He further said that Rs 1,280 crore lying in deposit with the Karnataka HC had earned Rs 137 crore interest, taking the total to Rs 1,417 crore. However, the court noted that share price value is too uncertain to be relied upon. It also said that any offer has to be satisfactory and the proposition concrete to proceed further.
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