PNB declares Mallya’s United Breweries ‘wilful defaulter’

Vijay Mallya-led United Breweries Holdings Ltd on Tuesday said it has been declared a “Willful Defaulter” by Punjab National Bank (PNB) and the company is consulting lawyers to challenge the decision.

Punjab National Bank vide letter dated February 11, has declared the company a “Willful Defaulter”, United United Breweries Holdings Ltd (UBHL) said in a BSE filing, adding it received the letter on Monday.

On its future course of action, UBHL said: “The company is in consultation with its legal counsels to challenge the decision by taking appropriate legal action that may be required in this regard.”