Tribunal sold UB shares worth Rs 5,800 cr in Mallya bank fraud case: ED

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The debts recovery tribunal (DRT) has sold shares worth over Rs 5,800 crore of United Breweries Limited (UBL) that were earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against fugitive liquor baron Vijay Mallya, the Enforcement Directorate said on Wednesday.

Further realisation of Rs 800 crore by sale of shares is expected by June 25, the central probe agency said in a statement.

Recently, it said, the agency had transferred shares attached by it (worth about Rs 6,600 crore) to the SBI-led consortium as per order of the special Prevention of Money Laundering Act (PMLA) Mumbai.

"Today, DRT on behalf of SBI-led consortium, has sold shares of United Breweries Limited for Rs 5824.50 crore," the ED said.

Mallya, 65, has lost the case against his extradition to India and he has "been denied permission to file appeal in the UK Supreme Court."

"His extradition to India has become final," the ED said.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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