A High For ED: Rs 1,008 Crore Recovered By Selling Off Mallya’s Shares In United Breweries Ltd
A High For ED: Rs 1,008 Crore Recovered By Selling Off Mallya’s Shares In United Breweries LtdVijay Mallya in London (Leon Neal/Getty Images)

In a major development in the recovery proceedings against the absconding economic offender Vijay Mallya, officials from the Enforcement Directorate (ED) have recovered Rs 1,008 crore by selling off his shares in United Breweries Ltd (UBL), reports The Hindu Business Line.

The shares in question had, in fact, been collateral for loans, which later turned into bad debts. The sale of these assets is part of the process to recover dues which have not been cleared by Mallya.

The green light for the sale came on Tuesday (26 March) from a special court set up under the Prevention of Money Laundering Act (PLMA).

74,04,932 was the total number of equity shares sold by the ED’s equity officer, comprising about 2.80 per cent of UBL’s total issued and paid-up equity share capital. An average price of about Rs 1,361.25 was realised per share.

Mallya is accused of not clearing dues to the tune of Rs 9,000 crore after his venture into the aviation sector, Kingfisher Airlines, collapsed. In the face of numerous cases and recovery proceedings against him in India, Mallya has been in a self-imposed exile in the UK.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber