Vijay Mallya's United Breweries auditors fear Kingfisher Airlines exposure
Certain beneficiaries of corporate guarantees issued on behalf of KFA have filed petition against the company under the Companies Act, auditors said.
The auditors have also drawn attention on the income for the year 2012, a sum of Rs 52.11 crore as guarantees or security commission due from Kingfisher Airlines in spite of the restrictions imposed on it against its payment.
UBHL in a filing to the BSE had yesterday said that guarantee commission arising out of corporate guarantee given and security commission from security pledged in favour of lenders of Kingfisher, has been reversed, not accounted for, in the current financial year, as the airline has been precluded from making payments by its bankers.
It further said certain corporate guarantees on behalf of KFA have been invoked. KFA is negotiating with the beneficiaries in this regard and has initiated steps to resume suspended commercial operations.
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