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The company shows this as a contingent liability, said the auditor’s report to its September quarter earnings. UBHL’s auditors have qualified its earnings reports for March and September 2016 by saying that the company has not provided for losses arising out of its financial exposure to Kingfisher Airlines in the form of corporate guarantees of Rs8,158.89 crore. At the end of March 2016, UBHL had a balance sheet size of ₹ ,824 crore and net worth of ₹ 553.6 crore. UBHL holds 10.72% of United Breweries and has a 2.84% stake in United Spirits Ltd. Mallya holds 7.91% of UBHL in his personal capacity. UBHL is 52.34% owned by promoters: Indian promoters hold 26.93% and foreign promoters hold 25.41%. He added that its “net worth is negative" and that it is “commercially insolvent" with there being no “hope" of it being revived “to meet the financial obligations". In his order, the judge said UBHL “cannot wiggle out of its guarantee obligations". They invoked corporate guarantees furnished by UBHL. There are 10 petitioners who have claimed varied amounts for services rendered to Kingfisher Airlines, amounting to over Rs6,958.60 crore. Justice Vineet Kothari pronounced the verdict via video conferencing from Dharwad, Karnataka. It also claimed that banks rejected two offers from it-on 29 March 2016 and 6 April 2016-for a settlement. In court, UBHL argued that the company had deposited Rs1,250 crore with the Karnataka high court. On Tuesday, a UBHL spokesperson did not immediately respond to an email seeking comment. In January, the debt recovery tribunal in Bengaluru ruled in favour of creditors seeking to recover more than Rs9,000 crore in unpaid loans they extended to Kingfisher Airlines. That followed an investigation by the federal investigative agency into alleged collusion between executives at KFA and IDBI Bank Ltd over the issue of a loan by the lender that eventually became a bad loan.