United Breweries (Holdings) Ltd (UBHL) has sought time till July to file results for the last fiscal due to “uncertainties” resulting from ongoing cases against its Chairman Vijay Mallya. In a letter to leading bourses, UBHL said it is being “hindered from complying with requirements” of submitting its audited standalone results for 2015-16 by May 31.
“As you may be aware, Kingfisher Airlines, a group company of UBHL, is in debt to several banks. In this regard, Vijay Mallya, Chairman of UBHL, has made a settlement offer before the Supreme Court to the consortium of banks headed by SBI,” the company said in the letter.
The settlement offer is under consideration by the consortium. A part of the substantial settlement amount to be paid to the consortium of banks is to be met by monetising certain assets of the UBHL, it added.
UBHL said the Supreme Court in its last hearing on April 26, referred the matter to the Debt Recovery Tribunal, Bangalore, to hear and decide on it within two months. The first hearing before DRT will commence on June 2.
“Due to uncertainties resulting from the background discussed above, UBHL is being hindered from complying with the requirements of finalising the annual accounts and filing financial results within the prescribed 60 days from the end of the financial year,” the company said.
Terming its current situation as “extraordinary circumstances which are not in its hands”, the company added:
“We request you to grant UBHL time up to July 31, 2016 in order to allow us to appropriately finalise the annual accounts and submit the financial results.”
The SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 mandates a company to file financial results within 60 days of the end of every financial year.
UBHL is the holding company of beleaguered industrialist Mallya, who is wanted in India as lenders seek to recover dues of over Rs 9,000 crore owed by Kingfisher Airlines.
Mallya recently signed a lucrative exit deal with Diageo, to which he had earlier sold a majority stake in United Spirits, and said he intended to spend more time in England.