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United Spirits to seek protection under BIFR
Crisis-ridden United Spirits on Tuesday said its net worth has eroded by more than 50 per cent of its peak net worth due to a host of reasons, including provisions on advances to its erstwhile promoter group firm United Breweries (Holdings) Ltd controlled by Vijay Mallya.
Its net worth has eroded by over 50%
New Delhi : Crisis-ridden United Spirits on Tuesday said its net worth has eroded by more than 50 per cent of its peak net worth due to a host of reasons, including provisions on advances to its erstwhile promoter group firm United Breweries (Holdings) Ltd controlled by Vijay Mallya. United Spirits (USL) has called an Extraordinary General Meeting of its shareholders on January 22, 2016.
In a notice for EGM, USL said, "The company shall report to the Board for Industrial and Financial Reconstruction (BIFR) of the fact that the accumulated losses of the company as on March 31, 2015, have resulted in erosion of more than fifty per cent of its peak networth during the immediately preceding four financial years."
It further said: "This extraordinary general meeting is being convened to consider and approve the enclosed report of the Board of Directors on such erosion and its causes, and the measures being taken as per the relevant provisions of SICA (Sick Industrial Companies (Special Provisions) Act, 1985), and also to approve the reporting of such erosion to BIFR in terms of Section 23 of SICA."
The company said its accumulated losses as on March 31, 2015 at Rs 5,045.45 crore is greater than 50 per cent of the peak net worth in the immediately preceding four financial years at Rs 5,849.62 crore.
