Karnataka HC issues winding up order against Vijay Mallya’s UB Holdings
The total value of all investments held by UBHL as on date according to Capitaline is R3,365.9 crore.
The Karnataka High Court on Tuesday ordered the winding of the United Breweries (Holdings) Limited of Vijay Mallya, the parent company of UB group, for recovering dues payable by the UBHL-promoted Kingfisher Airlines Ltd.
Justice Vineet Kothari delivered the verdict while allowing a petition filed in 2012 by IAE International Aero Engines AG, Connecticut, U.S., seeking the winding up of UBHL, which was the guarantor of KAL.
The total value of all investments held by UBHL as on date according to Capitaline is R3,365.9 crore. The major investments of UBHL are in United Breweries and United Spirits.
Since UBHL’s own debt is of around R2,162 crore, if that is removed from the total value of R3,365.9 crore, the value falls to R1,200 crore. Since Mallya holds 52.34% in UBHL, the final value of his holding will be only about R600 crore.