Sale Of Mallya’s UBHL Shares Fetch Rs 1,008 Crore, Says Enforcement Directorate
Vijay Mallya (Photographer: Pankaj Nangia/Bloomberg News)

Sale Of Mallya’s UBHL Shares Fetch Rs 1,008 Crore, Says Enforcement Directorate

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The sale of shares, held by Vijay Mallya in United Breweries (Holdings) Ltd., by the Debt Recovery Tribunal has fetched Rs 1,008 crore, the Enforcement Directorate said on Wednesday.

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

Subsequently, the Enforcement Directorate said the recovery officer of the Debt Recovery Tribunal 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 Enforcement Directorate and in view of the large outstanding debts of the SBI consortium against Kingfisher Airlines and Mallya, a special Prevention of Money Laundering Act court allowed sale of shares on March 26 (Tuesday).

"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 United Breweries Ltd. 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 Enforcement Directorate and the Central Bureau of Investigation are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.

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