Vijay Mallya rejects Union Bank of India's charge of being a 'willful defaulter'

United Breweries (UB) Group chairman Vijay Mallya today rejected the charge made by the Union Bank of India that he was a 'willful defaulter'.

"We strongly deny the allegations made and we disagree with the findings of their Grievance Redressal Committee, before which we have had no opportunity to appear and we shall pursue all available legal remedies," said Mallya on the sidelines of a UB Group company board meeting.

"I have great faith in the judicial system of our country and I shall certainly pursue the legal remedies that are available to me, and frankly, whatever the news reports may be subsequently concerning other banks, there is no point indulging in speculation," he added.

He also said that as the issue of being a willful defaulter was not raised by him, it was premature to speculate. Heineken and Diageo should be asked as to what stand they will now take on this.

"We were not given a hearing, we did not appear before them, we disagree with their actions and we shall pursue all possible legal remedies," said Mallya over the UBI's charge.

He also rubbished reports of Heineken buying the UB Group saying, "We are not sellers and Heineken are not buyers."

Mallya further said that the United Spirits Limited (USL), at its board meeting yesterday, has instituted a proper enquiry under the charge of the Managing Director and CEO into loans advanced by USL in different entities of the UB Group.

Earlier, the Supreme Court had refused to agree to Mallya's plea to strike down the state-run United Bank of India's decision to declare him a willful defaulter.