Tuesday, October 27, 2020
Home Business Sale of UBHL shares of Mallya fetch Rs 1,008 cr: ED

Sale of UBHL shares of Mallya fetch Rs 1,008 cr: ED

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The sale of shares, held by absconding businessman Vijay Mallya in United Breweries Holdings (UBHL) Limited, by the Debt Recovery Tribunal has fetched Rs 1,008 crore, the ED said Wednesday.

The Enforcement Directorate (ED) said the shares, attached by the agency as part of its money laundering probe against the liquor baron, were lying with Yes Bank and the Karnataka High Court had recently ordered the bank to surrender these in favour of the Debt Recovery Tribunal (DRT) in Bangalore.

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Subsequently, the ED said, the recovery officer of the DRT had published a notice early this month for the sale of 74,04,932 shares of UBHL.

“Based on the submissions made and proactive steps taken by the 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 March 26 (Tuesday).

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

These shares of UBL (united breweries limited) were held by UBHL and were kept with the bank as security in lieu of a loan taken by Kingfisher Airlines, it said.

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

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