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  1. Seeking legal advice over attachment of properties by ED: UBL

Seeking legal advice over attachment of properties by ED: UBL

In a regulatory filing, the company listed seven of its properties valued at a total of Rs 1,375.94 crore at different locations in Mumbai, Bangalore and Tamil Nadu, which have been "provisionally attached" by the ED.

By: | Published: June 16, 2016 6:35 PM
Vijay Mallya, Vijay Mallya news, Vijay Mallya net worth, Vijay Mallya loan, Enforcement Directorate, Money Laundering Act, Jatin Mehta, bank loans. United Breweries (Holdings) Ltd today said it is seeking legal advice to take appropriate steps after the Enforcement Directorate attached properties worth Rs 1,411 crore belonging to the company and its promoter Vijay Mallya in the IDBI Bank loan default case. (Reuters)

United Breweries (Holdings) Ltd today said it is seeking legal advice to take appropriate steps after the Enforcement Directorate attached properties worth Rs 1,411 crore belonging to the company and its promoter Vijay Mallya in the IDBI Bank loan default case.

In a regulatory filing, the company listed seven of its properties valued at a total of Rs 1,375.94 crore at different locations in Mumbai, Bangalore and Tamil Nadu, which have been “provisionally attached” by the ED.

UBHL said it has received a “provisional attachment order” dated June 11, 2016 for the seven properties belonging to it for a period of 180 days, from the date of order, in connection with investigation against Mallya, Kingfisher Airlines and others under the Prevention of Money Laundering Act, 2002.

“The company is seeking legal advice in order to take appropriate steps that may be required in this regard,” UBHL said in the filing.

Last week, the ED had attached properties of Mallya and UBHL which included bank balance of Rs 34 crore, a flat each in Bengaluru and Mumbai (2,291 sq ft and 1,300 sq ft), an industrial plot in Chennai (4.5 acres), a coffee plantation land in Coorg (28.75 acres) and residential and commercial constructed areas in UB CITY and Kingfisher Tower in Bengaluru (84,0279 sq ft).

The attachment of properties is in connection with the Rs 900 crore loan fraud with the IDBI Bank. Mallya, whose defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, left India on March 2.

The agency registered a money laundering case against him and others based on an FIR registered last year by the CBI.

Mallya had, however, insisted that there was “no rationale nor any legal basis” behind the action of the ED and alleged that government agencies are pursuing a “heavily biased investigation” against him.

The ED is also investigating financial structure of the Kingfisher Airlines and possible payment of kickbacks to secure loans.

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