SBI board gives nod for recovery proceedings against KFA

SBI board today gave a formal approval to the management for issuing the recall notice to Kingfisher.

March 14, 2013 / 21:40 IST

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SBI board today gave a formal approval to the management for issuing the recall notice to Kingfisher.

The board has also asked the bank to go ahead and start recovery proceedings. A committee of four lenders has also been set up to look into the ways of recovery. This includes sale of Kingfisher's Mumbai office and property in Goa and sale of United Spirits Limited shares pledged with the banks. Lenders can also invoke personal guarantees of Vijay Mallya.

first published: Mar 14, 2013 09:40 pm

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