United Breweries has withheld dividends payable to its beleaguered
Chairman Vijay Mallya for the financial year 2015-16 following the
directions of Debt Recovery Tribunal.
The board of the company in its meeting held on May 13, 2016 had recommended 115 per cent dividend, which is Rs 1.15 per equity share of Re 1 for the financial year ended March 31, 2016.
UBL said it has been directed by Debt Recovery Tribunal Karnataka to hold the dividends arising out of "shares in the company held by a director (including his joint holdings) and United Breweries (Holdings) Ltd, without its prior permission" without naming the director.
"Accordingly, the company would withhold payments of proposed dividend on aforesaid shares, which is subject to approval by the shareholders in the ensuing annual general meeting," it said in a regulatory filing.
On the basis of his own holding of 2,13,53,620 shares in UBL as on March 2016, the dividend payable to Mallya is Rs 2.4 crore for the last fiscal. UBL's nine promotor entities, including Mallya, have 8,11,88,930 shares in the company and the total dividend payable would be Rs 9.33 crore.
The board of the company in its meeting held on May 13, 2016 had recommended 115 per cent dividend, which is Rs 1.15 per equity share of Re 1 for the financial year ended March 31, 2016.
UBL said it has been directed by Debt Recovery Tribunal Karnataka to hold the dividends arising out of "shares in the company held by a director (including his joint holdings) and United Breweries (Holdings) Ltd, without its prior permission" without naming the director.
"Accordingly, the company would withhold payments of proposed dividend on aforesaid shares, which is subject to approval by the shareholders in the ensuing annual general meeting," it said in a regulatory filing.
On the basis of his own holding of 2,13,53,620 shares in UBL as on March 2016, the dividend payable to Mallya is Rs 2.4 crore for the last fiscal. UBL's nine promotor entities, including Mallya, have 8,11,88,930 shares in the company and the total dividend payable would be Rs 9.33 crore.
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