Will pursue legal remedies: Mallya wilful defaulter tag

UB group Chairman and debt-ridden Kingfisher Airlines promoter Vijay Mallya, declared a wilful defaulter by the United Bank of India, today said he disagreed with its action and would pursue all legal remedies available.

"In response to the United Bank of India action, I have already issued a media statement which basically says that we strongly deny the allegations made, that we disagree with the findings of their Grievance Redressal Committee before which we have had no opportunity to appear," Mallya said.

Speaking to reporters on the sidelines of 15th Annual General Meeting of Members of United Breweries limited here, he said, "we shall pursue all available legal remedies. I have great faith in judicial system in our country and I shall certainly pursue the legal remedies that are available to me."

"Frankly, whatever the news reports may be subsequently concerning other banks, there is no point in indulging in speculation. We will take each one as it comes," he added.

On Monday United Bank of India declared Mallya and three directors of debt-ridden Kingfisher Airlines, wilful defaulters due to the company allegedly indulging in diversion of funds by opening multiple accounts.

Asked about UBI Executive Director's statement that UB group was given time to present their case, Mallya said "I cannot get into media debate on what the United Bank of India Executive Director has said; ....We were not given hearing, we have not appeared before them, we disagree with their action, and we shall pursue with legal remedies."

To a question on the stance Heineken and Diageo might take on his board position because wilful defaulter means board position becomes untenable, Mallya said "you should ask that question to both Heineken and Diageo directly; these issues have not been raised with me."   "It is premature to speculate," he added.