In the firing line due to the UB Group's pile of woes, group chairman Vijay Mallya addressed the shareholders of some of the group companies today. In one of the interactions, Mallya said that the group was confident of reaching out-of-court settlements for some of the winding up petitions. Mallya also asserted that the UB Group was firmly in control of Mangalore Chemicals and Fertilizers.
"There are 5 winding up petitions that have been filed before the company court in Bangalore, and out of these five, we have serious counter claims against three of the petitioners, which basically leaves two petitioners with whom we are in dialogue for an out of court settlement," Mallya says.
He also informs: "The honourable court was pleased to grant us permission to go ahead with the Diageo deal but directed us to deposit Rs 250 crore in the court to take care of these 5 winding up petitions, which we have dutifully done."