Vijay Mallya will have a lot of explaining to do to shareholders of two of his companies -- Mangalore Chemicals and United Breweries.
The annual general meeting of both these companies is slated Thursday, and on top of everyone’s mind is the fact that Mallya, three directors from his group, and Kingfisher Airlines have been declared ‘wilful defaulters’ by United Bank.
But that may not be the only serious matter that Mallya may have to deal with as there are couple of other issues too that the company has been facing.
Besides the fact that they are sitting on a fat debt of around Rs 25000 crore, which hasn’t gone down over the last one year, the company has also shut around 2-3 plants for which they are likely to face shareholders’ queries.
Importantly, the ownership of UBL is now in question. It may be recalled that Heineken increased its shareholding up to 40 percent in UBL by taking in the pledged shares. Discussions are expected on to what happens to Mallya’s position on the board.
Moreover, there have been talks that Deepak Fertiliser may revise higher its open offer bid for Mangalore Chemicals. Thus some action is expected on that as well.
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