India: United Breweries Holdings Ltd seeks more time for submitting audited financial results

United Breweries Holdings Ltd (UBHL), whose majority stake has been owned by Vijay Mallya, said it sought time from the Indian market regulator for submitting its audited financial results due to the ongoing loan settlement process between its chairman and a consortium of banks led by State Bank of India (SBI) for now-defunct Kingfisher Airlines, The Times of India reported on May 23.

As per regulations from Securities and Exchange Board of India (SEBI), a listed company is required to submit audited standalone financials within sixty days (May 31) of the end of a fiscal. But UBHL said it was being "hindered from complying" with the rules and requested SEBI to extend the time up to July 31 this year.

"Kingfisher Airlines, 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 Hon'ble Supreme Court to the consortium of banks led by State Bank of India. The settlement offer is currently under consideration by the consortium of banks. 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 monetizing certain assets of the UBHL," the company said in a regulatory filing on May 23.

UBHL, whose holding companies include India's largest beer maker United Breweries, explained that the case is now under the Debt Recovery Tribunal, Bangalore which is expected to commence hearing early June. A final verdict may not be passed before July 15, 2016 and the company referred these incidents as "circumstances beyond its control."

"Due to the uncertainties resulting from the background discussed, UBHL is being hindered from complying with the requirements of finalizing the annual accounts and filing the Financial Results within the prescribed sixty days from the end of financial year."

23 May, 2016