UBHL pleads for more time to post financial results

Mumbai: UB Group company United Breweries Holdings Limited (UBHL) requested additional time from the BSE and NSE to submit the audited financial results for 2015-16, due to uncertainties owing to cases running against its chairman Vijay Mallya in the Supreme Court and Debt Recovery Tribunal (DRT) Bengaluru. Explaining the uncertainties in a letter to the bourses, UBHL said Mallya's offer to settle dues of nearly Rs.9,000 crores to a consortium of banks led by State Bank of India (SBI) is still under consideration, with the likelihood of DRT final order not being passed before July 15. "As you may be aware, Kingfisher Airlines Limited, 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 of India to the consortium of banks headed by the SBI. "It may be noted that 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," said the letter. According to the Listing Obligations and Disclosure Requirements (LODR) rules of the regulator Securities and Exchange Board of India (SEBI), audited standalone financial results for the year ending March 31, 2016 must be posted within 60 days of the financial year ending. "Due to the uncertainties resulting from the background discussed above, UBHL is being hindered from complying with the requirements of finalizing the annual accounts and filing the financial results" the letter said. UBHL noted that SEBI's LODR regulation 102 empowers the regulator to relax strict enforcement under some predefined criteria. "These are extraordinary circumstances which are not in the hands of UBHL due to which it is practically impossible for UBHL to submit the financial results by May 31, 2016," the letter added.