Heineken approaches DRT on pre-emptive rights

Dutch beer-maker Heineken has filed a petition in the Debt Recovery Tribunal (DRT) seeking permission to implead in the debt-recovery case filed by the SBI-led consortium against Vijay Mallya.

The company said as per the agreement, it had pre-emptive rights to buy 2.09 crore pledged shares of United Breweries Limited, in which it now holds about 43 per cent share

The counsel who appeared for Heineken said that his company washolding shares in UBL since 2009. “We have pre-emptive rights in the company and have filed the application to implead us also in the case,” said the counsel. As per the shareholding pattern of United Breweries Limited, Mr. Mallya holds about 32.45 per cent of the shares, of which a significant portion is pledged to the banks as personal surety for loans to operate Kingfisher Airlines.

Open-market transaction Recently, in an open-market transaction, Heineken had bought 21.15 lakh shares for Rs.179 crore from Yes Bank and ECL Finance. The DRT is expected to give its decision on impleading Heinken on Tuesday during the next hearing of the case. Meanwhile, in a separate submission, the counsel for United Spirits Limited (USL) pleaded that the tribunal dismiss an application relating to attachment of shares and dividends by IDBI.

Not a guarantor During the hearing, the counsel said his client was not a party or guarantor in the case. He also said that the bank’s claims werecompletely against facts.

“USL has not declared any dividend in the last three years and also has repaid the loan taken from Punjab National Bank and IDBI bank,” he said.

Upping the ante against Mallya, KFA and UBHL, the counsel for SBI-led consortium asked the tribunal not to vacate the interim order on Watson Ltd., a company owned by Mallya. He also said that the defendant parties were making false claims and making it difficult for the banks to recover the amount.