Summary:
MUMBAI: Fugitive businessman Vijay Mallya’s shares worth Rs 1,000 crore in United Breweries (Holdings) Ltd ( UBHL ) were sold by the Debt Recovery Tribunal with assistance from the Enforcement Directorate on Wednesday.Mallya had defaulted on repayment of loans of Rs 6,900 crore taken from a consortium of banks, which had gone up to Rs 9,900 crore. According to a recent estimate by government agencies, the attached shares are worth Rs 12,000 crore now, of which they sold shares worth Rs 1,000 crore on Wednesday.They sold 74,04,932 shares of UBHL which were earlier with Yes Bank as security for a loan taken by Kingfisher Airlines. The money procured through the sale of the shares will go to the lenders.ED had registered a money-laundering case against Mallya, who is in London now, and had attached his properties worth Rs 13,500 crore, including shares worth Rs 12,000 crore. The Indian government’s request to extradite him in the money-laundering case is pending before the UK authority.The price of the attached shares was Rs 8,000 crore in 2016. While Mallya was absconding, the prices of his shares in UBHL and his other companies kept increasing..