Mallya to pursue legal action against 'wilful defaulter' tag

September 04, 2014 14:05

Declared a willful defaulter by state-owned United Bank of India, UB group Chairman Vijay Mallya today disagreed with the action of the lender and said he would pursue legal action.

"We were not given a hearing, we have not appeared before them, we disagree with their action and we shall pursue legal action," Mallya told reporters after the annual general meeting of United Breweries in Bangalore.

Reiterating his intention to seek legal recourse, Mallya said: "I have great faith in the judicial system of our country and as I have said, I will pursue the legal remedies that are available to me."

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

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