Mallya's United Breweries seeks time to file results

Cites 'uncertainties' over settlement between Mallya and banks to clear loans taken for running Kingfisher Airlines

United Breweries (Holdings) Ltd, majority owned by Vijay Mallya, has sought time till July to file its financial results for 2015-16 citing "uncertainties" due to the delay in arriving at a settlement between Mallya and consortium of banks to clear loans taken for running the defunct Kingfisher Airlines.

UBHL says that substantial part of the settlement amount to be paid to the consortium of banks, led by State Bank of India, is to be met by monetising assets of the company. The settlement offer is under consideration by the consortium of banks.

The company in its regulatory filings on Monday said it also does not expect the Debt Recovery Tribunal (DRT), hearing the case filed by banks to complete the hearing by July 15. The DRT in Bengaluru will begin hearing on June 2 after the Supreme Court directed it to deliver its judgement on the Mallya case in two months..

"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," UBHL said. "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. Separately, the Karnataka High Court is hearing the case by several bankers on a winding up petition of UBHL over unpaid loans taken for the airline.