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United Bank of India declares KFA, Mallya wilful defaulters

MUMBAI

United Bank of India has become the first bank to declare Kingfisher Airlines, it’s promoter Vijay Mallya as well as three directors on the board of KFA as wilful defaulters.

According to a source close to the development, ” the action comes after KFA officials did not show up for the meeting with United Bank’s grievance redressal cell this morning at 10:30 AM.” The grievance redressal committee of United bank of IndiaBSE 3.51 % is headed by the bank’s executive director D Narang. The bank is also in the process of sending formal notices to the company. Sources say the bank will also inform the Reserve Bank of India about its decision.

Read more at Economic Times

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