<p>United Breweries Holdings (UBHL), the holding company of Vijay Mallya's UB group, is mulling the commissioning of a study to decide on ways and means to recover loans extended to grounded group company Kingfisher Airlines (KFA).<br /><br /></p>.<p>In its annual report for 2012-13 released on Saturday, UHBL said, “The Board of Directors of your Company at an appropriate time will discuss the merits of commissioning an in-depth study to assess the recoverability of amounts advanced to KFA as part of its strategic review of all core investments. Meanwhile, in order to keep its investment prospects alive, your Board has decided to keep the Airline funded on a need basis.”<br /><br />It may be recalled that the consortium of lenders moved the Karnataka High Court last month seeking to restrain UBHL from disbursing the entire amount realised from sale of 13.61 crore shares of USL shares held by it, to UK-based Diageo Plc as part of the November 2012 deal that allowed Diageo to take controlling stake in United Spirits (USL).<br />UBHL is the guarantor for loans owed by KFA to lenders amounting to Rs 6,203.35 crore, as per the petition moved by the lenders largely comprising public sector banks. The lenders have also moved the Debt Recovery Tribunal to recover their dues.<br /><br />Separately, UBHL is also contesting a petition moved by lenders comprising BNP Paribas and others in Karnataka High Court seeking winding up of UBHL for its failure to pay dues that it had guaranteed on behalf of KFA.<br /><br />BNP Paribas had acquired guarantees from UBHL as a precondition to finance the acquisition of three aircraft for KFA. On failure to honour the guarantees after default by KFA, the petitioner invoked the guarantees.<br /><br />UBHL holds 30.25 per cent in KFA, both directly and through subsidiaries, according to the report.<br /><br />On KFA's revival, UHBL said, “Discussions are in progress with some prospective investors for restarting the airline operations which of course will be subject to statutory and regulatory approvals.”<br /><br />KFA reported loss of Rs 1,156.91 crore for the quarter ended June 30, 2013 as against loss of Rs 650.78 crore in the corresponding period of fiscal 2013. UBHL incurred net loss of Rs 166.95 crore in fiscal 2013, as against net profit of Rs 7.64 crore in the previous fiscal, according to the report.<br /><br />Harish Bhat quits UBHL<br /><br />The Managing Director of United Breweries Holdings (UBHL), A Harish Bhat, who three-year term ended on August 20, 2013, ceased to hold the position and also resigned as director of the company with effect from the same date, according to a regulatory filing by UBHL.<br /><br />The company said that V Shashikanth has been appointed as new managing director from August 21.</p>
<p>United Breweries Holdings (UBHL), the holding company of Vijay Mallya's UB group, is mulling the commissioning of a study to decide on ways and means to recover loans extended to grounded group company Kingfisher Airlines (KFA).<br /><br /></p>.<p>In its annual report for 2012-13 released on Saturday, UHBL said, “The Board of Directors of your Company at an appropriate time will discuss the merits of commissioning an in-depth study to assess the recoverability of amounts advanced to KFA as part of its strategic review of all core investments. Meanwhile, in order to keep its investment prospects alive, your Board has decided to keep the Airline funded on a need basis.”<br /><br />It may be recalled that the consortium of lenders moved the Karnataka High Court last month seeking to restrain UBHL from disbursing the entire amount realised from sale of 13.61 crore shares of USL shares held by it, to UK-based Diageo Plc as part of the November 2012 deal that allowed Diageo to take controlling stake in United Spirits (USL).<br />UBHL is the guarantor for loans owed by KFA to lenders amounting to Rs 6,203.35 crore, as per the petition moved by the lenders largely comprising public sector banks. The lenders have also moved the Debt Recovery Tribunal to recover their dues.<br /><br />Separately, UBHL is also contesting a petition moved by lenders comprising BNP Paribas and others in Karnataka High Court seeking winding up of UBHL for its failure to pay dues that it had guaranteed on behalf of KFA.<br /><br />BNP Paribas had acquired guarantees from UBHL as a precondition to finance the acquisition of three aircraft for KFA. On failure to honour the guarantees after default by KFA, the petitioner invoked the guarantees.<br /><br />UBHL holds 30.25 per cent in KFA, both directly and through subsidiaries, according to the report.<br /><br />On KFA's revival, UHBL said, “Discussions are in progress with some prospective investors for restarting the airline operations which of course will be subject to statutory and regulatory approvals.”<br /><br />KFA reported loss of Rs 1,156.91 crore for the quarter ended June 30, 2013 as against loss of Rs 650.78 crore in the corresponding period of fiscal 2013. UBHL incurred net loss of Rs 166.95 crore in fiscal 2013, as against net profit of Rs 7.64 crore in the previous fiscal, according to the report.<br /><br />Harish Bhat quits UBHL<br /><br />The Managing Director of United Breweries Holdings (UBHL), A Harish Bhat, who three-year term ended on August 20, 2013, ceased to hold the position and also resigned as director of the company with effect from the same date, according to a regulatory filing by UBHL.<br /><br />The company said that V Shashikanth has been appointed as new managing director from August 21.</p>