India: United Breweries seeks extension to file Q3 results citing recent Central Bureau of Investigation raids on its Bengaluru office

United Breweries (Holdings) Ltd on February 3 sought a one-month extension of the time limit for filing its December quarter results, citing recent Central Bureau of Investigation (CBI) raids on its Bengaluru office, Livemint reported.

Last month, CBI officials raided the premises of Vijay Mallya’s UB Group over a money laundering case and said they were looking into various accounts of the group’s transactions. The raids came days after a Bengaluru debt recovery tribunal (DRT) ruled in favour of a creditors’ consortium led by public sector lender State Bank of India-to recover Rs6,203.35 crore from the former liquor baron.

“During the search, the CBI seized documents/files/hard disks belonging to the finance, legal and secretarial department including the minutes of the Board and general meetings of UBHL,” the company said in a filing with the BSE on February 3.

“As a result of the above, 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 forty five days from the end of the quarter ended December 31, 2016. The circumstances are beyond the control of UBHL,” it added.

The prescribed 45 days end on 14 February. UBHL said it was “practically impossible” for it to publish the results by then and asked for an extension up to 15 March.

03 February, 2017