Saturday, February 27, 2021
Home News Reports ED set to sell unpledged shares of Mallya, to fetch around Rs 4,000 crores

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.

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.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Encryption vs Compliance: The new IT Act guidelines put messaging services like WhatsApp in a tight situation

To comply with the new IT Act guidelines, services like WhatsApp will have to break its famous end-to-end encryption

Is Yogendra Yadav now an anti-election activist?

“We should have an outcome very soon, we do not have a mandate.” These were the words of Yogendra Yadav after Bihar elections

Yogi Adityanath’s Uttar Pradesh advances to the second position on the GSDP list ahead of Tamil Nadu, was fifth only a year ago

Amidst economic gloom induced by the pandemic, Uttar Pradesh under the leadership of Yogi Adityanath has recorded impressive GSDP figures

A 2 minute video with 16 cuts: Pakistan releases new doctored video of Wing Commander Abhinandan days after committing to peace at LoC

Pakistan has released a new video of Wing Commander Abhinandan who had fallen into the hands of the Pakistani Army.

Attorney General declines his consent to Congress supporter Saket Gokhale to initiate contempt of court proceedings against ex-CJI Ranjan Gogoi

Attorney General told Saket Gokhale that ex-CJI Ranjan Gogoi had made the comments on judiciary for the good of the institution

Father of Richa Bharti, the girl who had refused to distribute Quran to secure bail, shot dead in native Bihar village: Read details

The father of the daring Bihar girl Richa Bharti has been shot down by assailants in her native village of Nalanda district in Bihar.

Recently Popular

Did Aamir Khan’s daughter Ira Khan elope with her Hindu servant? Here is the truth

The image that is being used to claim that Iran Khan has 'eloped with her Hindu servant' was originally shared by Nupur Shikare, her fitness trainer. The two were posing on the occasion of Diwali.

US President Joe Biden casually drops the N-word during Munich Security Conference, accused of racism on social media

The N-word is considered as one of the hateful words that were first uttered in the 17th century. Its origin can be traced back to the Spanish word 'negro', which is often used by white supremacists to deliberately offend the African-American community.

Father of Richa Bharti, the girl who had refused to distribute Quran to secure bail, shot dead in native Bihar village: Read details

The father of the daring Bihar girl Richa Bharti has been shot down by assailants in her native village of Nalanda district in Bihar.

‘His opinion less than objective and reliable, his conduct questionable’, says UK court about justice Markandey Katju in Nirav Modi extradition order

The UK Court rejected Justice Katju's argument that Nirav Modi will not get fair trial in India, and exposed his hypocrisy

I worry about Yogendra Yadav’s mental health and his The Print article on the 2021 Bengal elections proves I am not wrong

As BJP rises in Bengal, a panic attack was detailed in The Print, written by our very own Icchadhari protestor, Yogendra Yadav.

Father of 6, Mehtab Rana, abducts minor by shrouding her in Burqa, had abducted the girl twice in 2018, role of in-laws, family suspected

Kidnapping of a 17-year-old girl in Agra, where accused made her wear a 'burqa', has sent shockwaves and resulted in outrage
- Advertisement -

 

Connect with us

253,124FansLike
520,683FollowersFollow
23,800SubscribersSubscribe