Liquor baron Vijay Mallya received a major blow from the Karnataka High Court yesterday when it ordered winding up of the United Breweries Holdings Limited (UBHL), the holding company of UB Group for recovery of defunct Kingfisher Airlines losses owed to consortium of bank led by State Bank of India.
Chinese handset maker LeEco today refuted reports of winding up its India operations but admitted that it has undertaken an "optimisation exercise" in the world's second largest smartphone market.
HP Ranina, senior advocate, Supreme Court, says that the employees are eligible to file a petition for winding up of the company under the Act. However, the chances of employees getting their claim is limited as bank stands a first chance of getting their dues.
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