UBHL seeks more time for Q3 results after CBI seizes records

With CBI seizing its documents and records in the ongoing investigation against Chairman Vijay Mallya, United Breweries (Holdings) has stated that it is unable to file financial results within stipulated time and has sought time up to March 15 to file its quarterly report.
In a regulatory filing, UBHL said that on the basis of a search warrant dated January 18, 2017, issued by special judge, CBI cases, Mumbai, a search and seizure operation was conducted at the registered office of the company at UB Towers, Vittal Mallya Road, Bengaluru, on January 23.
"During the search, CBI seized the documents/files/hard disks belonging to the finance, legal and secretarial department, including the minutes of the board and general meetings of UBHL," it said.

As a result, it further said: "UBHL is not in a position to compile the financial data required for preparation and submission of the financial results and complying with the requirements of filing the unaudited financial results within the prescribed 45 days from the end of the quarter ended December 31, 2016. The circumstances are beyond the control of UBHL."
Seeking extension of time, the company in its letter to Sebi said: "We request you to grant UBHL time up to March 15, 2017 in order to allow us to appropriately finalise the quarterly accounts and submit the financial results."

Sebi (Listing Obligations and Disclosure Requirements) Regulations mandates a listed company to file its quarterly results within 45 days from the end of a quarter.

However, the market regulator has power to relax the strict enforcement.
On January 23, CBI had conducted searches at 11 places, including UBHL's office, Mallya's residence in the capital, and three floors of UB towers in Bengaluru in connection with the Mallya loan default case related to the defunct Kingfisher Airlines.
The investigative agency had arrested a former chairman and three other ex-officials of IDBI Bank, along with four former executives of the airline.