In a major step to partly recover outstanding dues, the sale of shares held by Vijay Mallya-linked United Breweries Holdings (UBHL) Limited has fetched Rs 1,008 crore, news agency PTI reported citing Enforcement Directorate (ED). A special Prevention of Money Laundering Act (PMLA) court had allowed Debt Recovery Tribunal (DRT) to conduct sale of 74,04,932 shares, attached by the ED, on March 26.
“….shares were sold by the recovery officer on Wednesday and an amount of Rs 1,008 crore has been realised,” news agency reported citing ED.
The ED had earlier said that the shares attached by it and lying with Yes Bank were asked by the Karnataka High Court to be surrendered in favour of the DRT in Bangalore. Following this, on March 11, the DRT had issued a proclamation for sale of more than 74 lakh shares of UBL, owned by UBHL, a company where Vijay Mallya is chairperson.
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Last Friday, UBHL had moved the special PMLA court to stop the sale of 74,04,932 shares of UBL scheduled for Wednesday.
These shares were pledged as collateral by the then owner Viajay Mallya through one of his companies UBL. The liquor baron was declared as a fugitive economic offender by domestic courts earlier this year.
Vijay Mallya-promoted Kingfisher Airlines, which ceased operations in December 2012, owes over Rs 9,000 crore to a consortium of lenders led by State Bank of India (SBI).