DRT sells Vijay Mallya-owned United Breweries shares for Rs 5,824.50 crore

The Debt Recovery Tribunal (DRT) Wednesday offered shares of United Breweries Ltd — owned by businessman Vijay Mallya and connected by the Enforcement Directorate (ED) — for Rs 5,824.50 crore, stated the company in a press release.
The anti-money laundering company stated the sale of shares was carried out on behalf of a consortium led by State Bank of India (SBI).The ED stated it expects a second spherical of sale of shares of Mallya price Rs 800 crore on June 25.
The share sale was carried out after a particular courtroom in Mumbai allowed restoration of Mallya’s properties and corporations linked to him to the SBI-led consortium earlier this month. Following the courtroom order, ED transferred shares price Rs 6,600 crore to the consortium.
Mallya is going through extradition proceedings within the UK and was declared a fugitive financial offender in India in 2019.

ED not solely connected/ seized belongings price of Rs. 18,170.02 crore (80.45% of complete loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi beneath the PMLA but in addition transferred part of connected/ seized belongings of Rs. 9371.17 Crore to the PSBs andCentral Government.
— ED (@dir_ed) June 23, 2021
The ED in its assertion on Wednesday additionally stated that as on date, it has handed over connected belongings price Rs 9041.5 crore to public sector banks in varied financial institution fraud circumstances probed beneath the Prevention of Money Laundering Act (PMLA).