{"id":116366,"date":"2019-03-27T03:41:52","date_gmt":"2019-03-27T03:41:52","guid":{"rendered":"https:\/\/www.bnreport.com\/court-allows-sale-of-mallyas-shares-worth-rs-1000-crore-liquidator-to-sell-7-4-million-ubl-stocks-wednesday\/"},"modified":"2019-03-27T03:41:52","modified_gmt":"2019-03-27T03:41:52","slug":"court-allows-sale-of-mallyas-shares-worth-rs-1000-crore-liquidator-to-sell-7-4-million-ubl-stocks-wednesday","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/court-allows-sale-of-mallyas-shares-worth-rs-1000-crore-liquidator-to-sell-7-4-million-ubl-stocks-wednesday\/","title":{"rendered":"Court allows sale of Mallya’s shares worth Rs 1,000 crore; liquidator to sell 7.4 million UBL stocks Wednesday"},"content":{"rendered":"

MUMBAI: In a major step to partly recover outstanding dues from Vijay Mallya<\/a>, a PMLA court Tuesday rejected United Breweries Holdings' plea to stay the proposed sale of shares worth around Rs 1,000 crore of its erstwhile subsidiary United Breweries (UBL) by a court-appointed liquidator.<\/p>\n

Special judge M S Azmi rejected their plea on the ground that the court may not have the powers to grant a stay on the proposed sale.<\/p>\n

This is the first sale of Mallya's confiscated assets by the authorities since he left the country in March 2016.<\/p>\n

United Breweries shares closed over 2 per cent up on the BSE at Rs 1,347.90 Tuesday and the sale of 74,04,932 shares at this price would fetch around Rs 999 crore.<\/p>\n

Beer major Heineken is the largest shareholder of UBL with a 44 per cent stake. Earlier this month, it approached SBI to sell them, following which the bank moved the Karnataka High Court<\/a> seeking rights over a 2.8 per cent stake in UBL on March 18.<\/p>\n

The shares are currently held by a court-appointed liquidator and was previously owned by UBHL, the erstwhile holding company of all firms owned by Mallya. UBHL is currently owned by the world's largest liquor company Diageo<\/a> of England.<\/p>\n

Earlier this month, the Debt Recovery Tribunal transferred the shares (about 7.4 million) to a court-appointed liquidator. These shares were earlier attached by the ED, which is investigating allegations of money laundering against Mallya.<\/p>\n

UBHL last Friday moved the special PMLA court to stop the sale of 74,04,932 shares of UBL scheduled for Wednesday.<\/p>\n

These shares were pledged as collateral by the then owner Mallya through one of his companies UBL. Mallya was declared as a fugitive economic offender by domestic courts earlier this year.<\/p>\n

Mallya-promoted Kingfisher Airlines<\/a>, which ceased operations in December 2012, owes over Rs 9,000 crore to a clutch of lenders led by Read More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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