A day after being dragged to court by Kingfisher Airlines, UBI has got a shot in the arm in its fight against the grounded airline.
The Calcutta High Court has refused to grant him exemption from a personal appearance before the United Bank of India Grievance Redressal Panel.
The development comes on the day that Vijay Mallya and KFA officials were supposed to meet with United Bank of India officials to present their case.
According to sources close to the development, SBI Chairman Arundhati Bhattacharya has been personally involved in some of these meetings.
Banks have started complaining of rising costs, after several state govts have made it compulsory for banks to install round-the-clock security at their ATMs.
According to sources, IndusInd Bank, Kotak Mahindra Bank, Axis Bank and Standard Chartered Bank are in the fray to acquire the assets.
The bank, as announced in this year’s Budget, will be run as a typical PSU bank, with a 100% government shareholding to begin with.
Sources say the issue may be priced at close to 350-400 bps above LIBOR. The Singapore debt market is one of the most active and liquid in the region.
Gammon India has been referred to the CDR cell for its debt of Rs 9,000 cr, while Tulip has got restructuring proposal for debt of Rs 2,200 cr
Cash-strapped logistics and warehousing provider Arshiya International is likely to get its CDR package approved next week.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon