BENGALURU: The Karnataka High Court on Tuesday ordered winding up of United Breweries Holdings Ltd, and appointed an Official Liquidator to wind up the Company.
“The official liquidator may file a status report within four weeks from Tuesday about taking over the control and possession of the assets of UBHL and also about the pending litigation or cases against the UBHL at various other forums/courts or tribunals or before this Court, within four weeks,” ordered Justice Vineet Kothari, who disposed of several winding up petitions claiming dues from UBHL on the basis of corporate guarantees of UBHL and personal guarantees given by Dr Vijay Mallya to petitioning creditors.
They contended before the court that the deals made by Dr Mallya to transfer shares held by UBHL to its group company, United Spirits Ltd (USL), are also pending investigation. The matter is being pursued before the Supreme Court and various enforcement agencies, including the CBI, who are seeking the extradition of Dr Vijay Mallya from the United Kingdom.
“This court is of the firm and clear opinion that UBHL deserves to be wound up for its failure to discharge its admitted liability towards the petitioning creditors, which is far in excess of its net worth and the assets of UBHL,” the court said in an order, running up to 244 pages.
