ED set to sell unpledged shares of Mallya, to fetch around Rs 4,000 crores

The Enforcement Directorate (ED) is set to sell a large portion of unpledged shares owned by Vijay Mallya in United Breweries. The shares which constitute about 15.2% stake are expected to fetch around Rs. 4000 crores. Vijay Mallya owns 29.6% in UBL with 45.17% of his stake pledged with lenders. Dutch brewers, Heineken, is which owns 43% of the shares in UBL is keen to increase its stake further.

The Economic Times reports one official close to UB as saying, “Heineken can go through the only possible route to strengthen its holding in UBL by offering the best market price. Given the situation, Mallya himself may not want any business interests in a country where he runs the risk of getting arrested. Then there is this complicated shareholder agreement between Mallya and Heineken in UB.”

The shares were transferred by the Stock Holding Corporation of India to the ED under the Prevention of Money Laundering Act (PMLA). The 4000 crores expected to be recovered from the shares amount to almost half of the money owed by Mallya to lenders.

- Advertisement - - Article resumes -

Vijay Mallya is accused of fraud and money laundering amounting to Rs. 9,000 crores and had fled India to avoid prosecution. India is currently pursuing his extradition from the United Kingdom and a case is currently ongoing in the Westminster Magistrates’ Court.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Image Source: DNA

Karnataka: Police arrest techies for chanting Pro-Modi slogans at Rahul Gandhi event in Bengaluru

The police officers who were supposed to act to save the techies from being attacked by the Congress 'goons' not only remained silent but also unleashed its force against them for chanting pro-Modi slogans.
Nehru Gandhi family celebrates birthday in aeroplane

A Pulitzer Prize winning report on Priyanka Gandhi’s aeroplane trip by Mausambi Singh

Priyanka Gandhi took an IndiGo flight from Delhi to Lucknow, and it was a flight to remember.

Fact Check: Did 350 people convert to Islam in New Zealand after the Christchurch Mosque attack?

Many people spreading a fake news on social media that 350 people converted to Islam in New Zealand after the Christchurch Mosque attack

Aaj Tak channel spots lone anti-BJP voice in a crowd in viral video, uses him in multiple shows to attack BJP

Aaj Tak picked an anti-BJP man from a viral video where he was arguing with dozens of people

Shabbir Gurfan from Surat arrested for sending obscene pic to Barkha Dutt, three others for sending obscene texts

Shabbir Gurfan Pinjari, a Surat resident who allegedly sent Barkha Dutt a d*ck pic, works as a butcher
Mamata Banerjee shielding her family

West Bengal police shields wife of Mamata’s nephew as she is caught with 2 kg gold at Kolkata airport: report

This news has led a political storm where political parties are questioning the delinquency and the bias of the West Bengal Government

‘Krantikari’ journalist Punya Prasun Bajpai sacked, again, this time from Surya Samachar

Punya Prasun Bajpai and his team of 25 had joined Surya Samachar last month
When Manohar Parrikar found $3 billion of our money lying forgotten in a US account

When Manohar Parrikar found $3 billion of our money lying forgotten in a US account

Defence Minister Manohar Parrikar had revealed that he had found $3 billion (or Rs 20,000 crore) of Govt of India money lying forgotten in a US account.

131 chartered accountants debunk the politically motivated baseless allegations of some economists and social scientists

CAs appeal to the professionals around the world to come together to present the true picture of India and counter baseless allegations with political motivations

As Congress appears lazy about its election strategy, journalists get restless with polling dates approaching

Some journalists, as we know, have been known for trying to push a narrative through their tweets and articles for quite some time now

Latest articles

Connect with us

147,600FansLike
119,135FollowersFollow
30,103SubscribersSubscribe

Don't miss these


Share This Post and Support: