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Tuesday, July 27, 2021

SBI-led consortium realises Rs 792.11 crore from sale of Vijay Mallya’s shares, says ED

ED said earlier, the consortium had realised Rs 7,181.50 crore by liquidating assets handed over to the consortium by ED

By: Express News Service | Mumbai |
July 16, 2021 5:33:41 pm
The ED is probing money laundering case against Mallya and the now defunct Kingfisher Airlines Ltd. The agency has so far attached assets worth over Rs 12,000 crore of Mallya and his firms in India and abroad. (File Photo)

The Enforcement Directorate (ED) on Friday said a consortium led by State Bank of India (SBI) realised Rs 792.11 crore from sale of shares of fugitive businessman Vijay Mallya, that were handed over to the bank by the agency.

“Earlier, the SBI-led consortium had realised Rs 7,181.50 crore by liquidating assets (of Mallya) handed over to the consortium by ED,” said ED.

The ED is probing money laundering case against Mallya and the now defunct Kingfisher Airlines Ltd. The agency has so far attached assets worth over Rs 12,000 crore of Mallya and his firms in India and abroad.

Last month, a debt recovery tribunal (DRT) sold 39.64 million shares of Mallya’s United Breweries Ltd (UBL) to Heineken NV for Rs 5,824.50 crore on behalf of the SBI consortium.

The sale of shares was carried out after a special court in Mumbai allowed restoration of properties of Mallya and companies linked to him to the SBI-led consortium last month.

Mallya and Kingfisher Airlines are accused in a case of loan defaults of over Rs 10,000 crore to a consortium of Indian banks led by the SBI.

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

 

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