UNITED BANK OF INDIA - United Bank of India reply to clarification sought by the exchange
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| 25 May 2015 | |
| The Exchange had sought clarification from United Bank of India with respect to news appearing on Financial Chronicle on May 25, 2015 titled "United Bank says lost hope of recovering loan to Kingfisher."<BR> <BR>United Bank of India replied stating "We would like to clarify on the news item as attached thereto, that the Bank -<BR><BR>- has fully provided for in its accounts as per IRAC norms in respect of Kingfisher Airlines Ltd.;<BR><BR>- continues to fight the legal battles for recovery of dues through the consortia;<BR><BR>- is individually fighting legal battles in connections with the declaration of the promoters and directors of the borrower company as well as the borrower Company as Wilful Defaulters and winding-up of the corporate guarantor<BR><BR>- through these measures, Bank feels that recovery is possible in the long run.<BR><BR>Considering the long-drawn nature of these legal entanglements, claims raised by other statutory/regulatory authorities in view of the defaults committed by the borrower under other statutes and regulations and the amounts recovered so far, the Bank feels that the possibility of any immediate major break-through in the account is difficult for the present.<BR><BR>This clarification is issued in terms of Clause 36 of the Listing Agreement." | |
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