Sebi attaches bank, demat, MF accounts of Vijay Mallya’s UBHL

By: |
Updated: November 16, 2017 12:50:27 PM

Markets regulator Sebi has ordered attachment of bank accounts as well as share and mutual fund holdings of defaulter businessman Vijay Mallya-led United Breweries (Holding) Ltd to recover dues totalling Rs 18.5 lakh.

Markets, Sebi, United Breweries, Vijay Mallya, Mutual fundsMarkets regulator Sebi has ordered attachment of bank accounts as well as share and mutual fund holdings of defaulter businessman Vijay Mallya-led United Breweries (Holding) Ltd to recover dues totalling Rs 18.5 lakh. (Image: Reuters)

Markets regulator Sebi has ordered attachment of bank accounts as well as share and mutual fund holdings of defaulter businessman Vijay Mallya-led United Breweries (Holding) Ltd to recover dues totalling Rs 18.5 lakh.  The decision has been taken after UBHL failed to pay the fine imposed on it. In 2015, Sebi had levied a fine of Rs 15 lakh on the company for disclosure lapses regarding creation and invocation of certain pledge transactions in shares of United Spirits.  The pending dues — totalling Rs 18.5 lakh — include the initial fine of Rs 15 lakh and interest of Rs 3.5 lakh and a recovery cost of Rs 1,000.

In an attachment notice dated November 13, Sebi asked banks, depositories and mutual funds not to allow any debit from the accounts of UBHL. However, credits have been permitted.  Further, Sebi has directed the banks to attach all accounts, including lockers, held by the defaulter.  “There is sufficient reason to believe that the defaulter may dispose of the amounts in the bank accounts and securities in the demat accounts held with your bank, depository, mutual fund, and realisation of amount due under the certificate would in consequence be delayed or obstructed,” Sebi said.

Mallya held 7.91 per cent stake in UBHL in his personal capacity as of December 2016 while the total promoter holding through various entities stands at 52.34 per cent, according to the latest BSE data. He has been in the UK since he left India on March 2, 2016.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1PE/VC investments nearly doubled to $5.4 bn in May led by Jio Platforms deals
2Sensex snaps six-day gaining streak, Nifty holds 10,000; check what dragged markets today
3RIL share price skyrockets over 80% in less than 3 months; brokerages see buying opportunity