UB Group chairman Vijay Mallya on Thursday said he would challenge United Bank of India’s decision to declare him and three other directors of Kingfisher Airlines ‘wilful defaulters’, claiming that he was not even given a chance to be heard.
Talking to newspersons on the sidelines of the annual general meeting of United Breweries, Mallya said he would pursue legal remedies to challenge the order. “We were not given a hearing; we have not appeared before them; we disagree with their action, and we shall pursue all legal remedies,” he said.
The wilful defaulter tag can turn out to be costly for Mallya as his companies will not be allowed to raise loans and he may even have to step down from the chairmanship of all his group companies.
“We strongly deny the allegations made. We also disagree with the findings of the Grievance Redressal Committee of the bank before which we have had no opportunity to appear,” he said.