UCO Bank sends notice to Kingfisher Airlines, asks why it shouldn't be classified as wilful defaulter
The bank has given the airline time to reply on why it should not be declared a 'wilful defaulter'.
Kolkata: City-based UCO Bank has shot offnotices to Vijay Mallya-owned Kingfisher Airlines and UnitedBeverages after identifying the two firms as `wilfuldefaulters'.
"We have sent notices to the defunct carrier KingfisherAirlines and United Beverages, which had given a corporateguarantee to the bank for availing of the loan", a source inUCO Bank told PTI.
The source said the letter sought to explain thereasons behind identifying the two firms as `wilfuldefaulters', adding that time had been given to them forgiving reply on why they should not be declared as `wilfuldefaulters' as per RBI guidelines.
The notices had been sent to the companies' corporateoffices in Bangalore.
He said that Kingfisher Airliners had availed a loanamount of Rs 300 crore as working capital from the bank, buthad defaulted in making the repayments.
The interest accrued on the loan would be to the tune ofRs 100 crore, the source said.
While another city-based United Bank of India haddeclared Kingfisher Airlines as `wilful defaulter', two otherbanks, State Bank of India and Punjab National Bank, were alsopursuing on those lines.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Reporter has fundamental right to publish news that may not be palatable to administration: Calcutta HC
The Calcutta High Court made the observation while allowing an anticipatory bail plea moved by an ETV reporter whose story on bribery among police officials earned him an FIR.
The court took the decision after the Delhi University's counsel provided several clarifications that were requested of them during a previous hearing.
The Maharashtra government had barred film, TV artistes and crew members above 65 years of age, from going to work to studios or outdoor sets during the COVID-19-induced lockdown