UB firm withdraws dividend payment

CALCUTTA, March 28: UB Engineering, a Vijay Mallya group company, has decided to withdraw the 10 per cent dividend proposed earlier in the f...

CALCUTTA, March 28: UB Engineering, a Vijay Mallya group company, has decided to withdraw the 10 per cent dividend proposed earlier in the face of stiff resistance from its consortium bankers.

The 26th annual general meeting of the company was held on September 23, 1997, to consider, among other things, declaration of dividend for the financial year to March 31, 1997. The dividend issue on the agenda was deferred as the approval of banks was pending and the meeting was adjourned sine die.

Heavy borrowings in the past have dented the company’s financial position. However, the company has made substantial repayments to its consortium banks during the last six months and reduced the overdrawn position.

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The company’s bankers subsequently said that "unless and until the accounts are brought in order, they will not be able to approve declaration of the dividend. In fact, Bank of India has already expressed its inability to give consent to declaration of dividend vide their letter dated February 16,1998.

The company’s adjourned meeting will be held on Monday to consider the item of declaration of dividend which is now proposed to be withdrawn.

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