United Breweries denies Fraud Investigation notice

Vijay Mallya led United Breweries said today they haven’t received any notice from the Serious Fraud Investigation Office (SFIO) in connection to alleged fund diversions by the group’s Kingfisher Airlines.

"We would like to inform you that United Breweries Ltd (UBL) has not received any kind of notice from SFIO nor is aware of any development in this regard," the company said in a filing to the BSE.

United Spirits had confirmed yesterday that the Serious Fraud Investigation Office (SFIO) has asked for information about the diversion of company funds. The company they have only received a letter from the SFIO.

UBL's filing is in response to BSE’s instruction to clarify if funds were diverged to Kingfisher Airlines.

Shares of United Breweries fell 1.84% to Rs 851.45 on the BSE today.

Image credit: Indiatimes