Deepak Narang, executive director, United Bank of India (UBI) says SBI Capital (SBICAP) is the leader of the consortium of Kingfisher Airlines (KFA) lenders and it will take a call on the auction of Kingfisher House.
In the battle between KFA and lenders over the prized real estate asset - Kingfisher House in Mumbai, the Vijay Mallya-led group has blinked first . Kingfisher has withdrawn its petition, clearing the decks for the lenders to take possession.
Narang, however, says the bank's focus continues to stay on its willful defaulting case.
Below is the verbatim transcript of Deepak Narang's interview with Ekta Batra & Anuj Singhal on CNBC-TV18.
Ekta: Can you tell us when Kingfisher House or the property which you have now taken possession of in Mumbai, will be auctioned, what is the timeline for that and how much do you expect to retrieve in terms of the auctioning as well?
A: That step has been taken by SBICAP and they have been the lead in this case. They will now take possession through magistrate and put it for auction. Let us see what price we realise for that because being a leader, they have to take that call. As far as I am concerned, we are looking at our wilful defaulter case, which is pending in Kolkata High Court.
Ekta: There was a hearing in Kolkata High Court yesterday. Can you give us the outcome of it with regards to Kingfisher?
A: It was listed yesterday and the senior advocate wanted that this discussion should be held on the basis of the judgement given by Justice Dipankar Datta, single judge and we are prepared to argue out that case on the basis of merit. We have not agreed to the suggestion that we should allow lawyer to be present because we cannot have a mini-court at the bank and as far as that judgement is concerned, justice has allowed the legal officer of the company and company secretary to be present and that is fair enough because it is not a judicial process and lawyer need not be present everywhere. It is not a judicial process. We are all bankers and we are talking in terms of banking and the company is in a better position to explain where they have taken funds and they need to explain it to us.
Ekta: Your total exposure is around Rs 350 crore to Kingfisher and you have given around Rs 60 crore as a pre-delivery payment. With this Rs 410 crore exposure that you have to the group, how much do you expect to recover?
A: Pre delivery finance is another case. The case is pending in Debt Recovery Tribunal (DRT) Bangalore and airbus industry has also made an appearance and they have to submit their statement – that is a separate case in which three banks are involved; our bank, Corporation Bank and Oriental Bank of Commerce (OBC); OBC is the lead in that case and we are separately pursuing, but this is another case, consortium lending in which State Bank is a lender and State Bank is taking call about recovery and these issues and as far as United Bank is concerned, we have filed winding up earlier and now we are pursuing a case of willful defaulter, which we have to declare. They have to be present before us to present their case for personal hearing.
Ekta: I want to know within how much even you hold on consortium, how much you expect to recover as a ballpark figure from the Rs 350 crore that you have in terms of an exposure via the consortium, I do understand and how much will you all look to in terms of selling of incremental assets beside just the Mumbai property?
A: There is another Goa property which consortium has to take position of and sell. I cannot say any figure because once you put an asset to auction, it is very difficult to say what the price it will fetch, irrespective of the price at which we may have taken it on as a security mortgage because once you go to sell an asset, there are lot of issues which you have to settle, bidders have to come, they have to bid for that property. State Bank would be in a better position to say what would be the recovery.
United Bank stock price
On July 22, 2014, United Bank of India closed at Rs 51.35, down Rs 0.85, or 1.63 percent. The 52-week high of the share was Rs 61.65 and the 52-week low was Rs 23.40.
The latest book value of the company is Rs 72.14 per share. At current value, the price-to-book value of the company was 0.71.
Anda sedang membaca artikel tentang
SBICAP to take call on Kingfisher House auction: UBI
Dengan url
http://kebugaranhidup.blogspot.com/2014/07/sbicap-to-take-call-on-kingfisher-house.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
SBICAP to take call on Kingfisher House auction: UBI
namun jangan lupa untuk meletakkan link
SBICAP to take call on Kingfisher House auction: UBI
sebagai sumbernya
0 komentar:
Posting Komentar