25 December, 2018

India: United Breweries (Holding) Company seeks court’s permission to sell shares

On December 20, United Breweries (Holding) Company (UBHL) contended before the Karnataka High Court that the total assets of the company amount to Rs 7,500 crore, and said that an application filed seeking permission to sell its shares to clear debt, was pending, The New Indian Express reported.

Senior counsel Sajan Poovaiah made this submission before the division bench of Justice L Narayanaswamy and Justice P B Bhajanthri, which is hearing the appeal filed by UBHL against the order passed to shut down the company, which is a corporate guarantor to the defunct Kingfisher Airlines Ltd.

Poovaiah submitted that boards of contributory firms have resolved to offer assets worth Rs 15,000 crore to clear the debt to save UBHL.

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