Sale of Vijay Mallya’s United Breweries shares fetch ₹1,008 crore: ED


Team Udayavani, Mar 27, 2019, 6:25 PM IST

New Delhi: The sale of over 74 lakh shares held by absconding businessman Vijay Mallya in United Breweries Holdings Ltd (UBHL) by Bengaluru-based Debt Recovery Tribunal has fetched Rs 1,008 crore, the Enforcement Directorate said Wednesday.

ED said the UBHL shares attached by the agency as part of its money laundering probe against Mallya were lying with Yes Bank. The Karnataka high court had recently ordered the bank to surrender these “in favour of” the Debt Recovery Tribunal (DRT).

Subsequently, ED said, the recovery officer of the DRT, Bengaluru, published a notice early this month for the sale of a total of 7,404,932 shares of UBHL.

“Based on the submissions made and proactive steps taken by ED and in view of the large outstanding debts of the SBI consortium against Kingfisher Airlines and Vijay Mallya, a special PMLA court allowed sale of shares on 26 March.

“Subsequently, the shares were sold by the recovery officer on Wednesday and an amount of Rs 1,008 crore has been realised,” ED said.

Officials said this was the first such sale of shares in this case and few more will be sold in the days to come.

These shares of UBL (United Breweries Ltd) were held by UBHL and kept with the Yes Bank as security “in lieu of” a loan taken by Kingfisher Airlines, it said.

A large part of this loan taken from Yes Bank had been repaid, ED said, and these pledged shares were now more or less “free from encumbrances and only nominally under the pledge of the bank.”

The ED had attached these shares under the Prevention of Money Laundering Act (PMLA) to ensure that they were not “alienated” or sold by Mallya during the course of investigation and also to ensure that they were sold by government agencies at a later stage. The agency said it had filed a “detailed statement” before the special PMLA court in Mumbai and the Karnataka HC to ensure these shares are not sold off by the accused.

Mallya is at present based in London and extradition proceedings are on to bring him to India. The ED and the CBI are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Derogatory word against minister: AICC leader Surjewala calls for strict action against BJP MLC

Case registered against unknown persons who attempted to attack BJP MLC Ravi

Delhi polls: BJP issues ‘chargesheet’ against Kejriwal; vows to remove AAP from power

PVR INOX rejigs media biz, appoints Chief Sales Officer Shalu Sabharwal as head

Mastermind of kidnapping gang targeting celebrities arrested after encounter in UP’s Bijnor

Neelamangala accident: Tried avoiding hitting car in front, lost control, claims truck driver

Gurdaspur grenade attack: 3 Khalistani terrorists gunned down in encounter in UP

Related Articles More

Derogatory word against minister: AICC leader Surjewala calls for strict action against BJP MLC

Case registered against unknown persons who attempted to attack BJP MLC Ravi

Neelamangala accident: Tried avoiding hitting car in front, lost control, claims truck driver

Karnataka: Nine Lord Ayyappa devotees suffer burn injuries in LPG cylinder blast

Man arrested in Kasaragod operated as terror sleeper cell, plotted assassination of Hindu leaders

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Unnao rape survivor father’s death: Delhi HC extends Kuldeep Sengar’s interim bail till January 20

Police to train Delhi school teachers to deal with bomb threats

Derogatory word against minister: AICC leader Surjewala calls for strict action against BJP MLC

Maha Kumbh 2025: 50,000 police personnel to ensure safety of pilgrims

Epigamia founder Rohan Mirchandani dies of cardiac arrest at age 42

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.