DRT sells Vijay Mallya-owned United Breweries shares for Rs 5,824.50 crore

1 month ago 22
google news Flipboard

Written by Khushboo Narayan | Mumbai |
Updated: June 23, 2021 12:28:40 pm

Vijay Mallya, Vijay Mallya share sales, Vijay Mallya United Breweries Ltd , United Breweries Ltd share sale, ED vijay mallya, enforcement directorate, indian expressVijay Mallya is facing extradition proceedings in the UK and was declared a fugitive economic offender in India in 2019.

The Debt Recovery Tribunal (DRT) Wednesday sold shares of United Breweries Ltd — owned by businessman Vijay Mallya and attached by the Enforcement Directorate (ED) — for Rs 5,824.50 crore, said the agency in a statement.

The anti-money laundering agency said the sale of shares was conducted on behalf of a consortium led by State Bank of India (SBI).The ED said it expects a second round of sale of shares of Mallya worth Rs 800 crore on June 25.

The share sale was carried out after a special court in Mumbai allowed restoration of Mallya’s properties and companies linked to him to the SBI-led consortium earlier this month. Following the court order, ED transferred shares worth Rs 6,600 crore to the consortium.

Mallya is facing extradition proceedings in the UK and was declared a fugitive economic offender in India in 2019.

ED not only attached/ seized assets worth of Rs. 18,170.02 crore (80.45% of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs. 9371.17 Crore to the PSBs and
Central Government.

— ED (@dir_ed) June 23, 2021

The ED in its statement on Wednesday also said that as on date, it has handed over attached assets worth Rs 9041.5 crore to public sector banks in various bank fraud cases probed under the Prevention of Money Laundering Act (PMLA).

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest India News, download Indian Express App.

© The Indian Express (P) Ltd

  1. Homepage
  2. India