The source said the letter sought to explain the reasons behind identifying the two firms as `wilful defaulters', adding that time had been given to them for giving reply on why they should not be declared as `wilful defaulters' as per RBI guidelines.
City-based UCO Bank has shot off notices to Vijay Mallya-owned Kingfisher Airlines and United Beverages after identifying the two firms as `wilful defaulters'.
"We have sent notices to the defunct carrier Kingfisher Airlines and United Beverages, which had given a corporate guarantee to the bank for availing of the loan", a source in UCO Bank told PTI.
The source said the letter sought to explain the reasons behind identifying the two firms as `wilful defaulters', adding that time had been given to them for giving reply on why they should not be declared as `wilful defaulters' as per RBI guidelines.
The notices had been sent to the companies' corporate offices in Bangalore.
He said that Kingfisher Airliners had availed a loan amount of Rs 300 crore as working capital from the bank, but had defaulted in making the repayments.
The interest accrued on the loan would be to the tune of Rs 100 crore, the source said.
While another city-based United Bank of India had declared Kingfisher Airlines as `wilful defaulter', two other banks, State Bank of India and Punjab National Bank , were also pursuing on those lines.
UCO Bank stock price
On October 31, 2014, UCO Bank closed at Rs 87.30, up Rs 1.35, or 1.57 percent. The 52-week high of the share was Rs 115.75 and the 52-week low was Rs 62.05.
The company's trailing 12-month (TTM) EPS was at Rs 14.99 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 5.82. The latest book value of the company is Rs 110.64 per share. At current value, the price-to-book value of the company is 0.79.
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