Vijay Mallya Rs 100-crore shares transferred to central govt

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New Delhi, Sep 18: The Stock Holding Corporation of India Ltd (SHCIL) has transferred the title and rights of shares worth Rs 100 crore of United Breweries Ltd (UBL), held directly and indirectly by Mallya to the central government.

The depository to transfer the title and rights of un-pledged shares of UBL, United Spirits Ltd (USL) and McDowell Holdings Ltd worth close to Rs 4,000 crore, held by Mallya and his associate firms.

He is a loan defaulter of over Rs 6,000 crore by Kingfisher Airlines. The agency has attached 4 crore unpledged shares of UBL, 25.14 lakh shares of USL and 22 lakh shares of McDowell Holdings of Mallya, and some private companies allegedly linked to him.

In February, a special court had confirmed the ED order to attach Rs 4,200-crore assets of Mallya and others, paving the way for their confiscation by the agency.

The agency also claimed that Mallya allegedly hid assets of about Rs 1,760 crore through a dozen shell companies abroad.

The ED has also submitted the complaint with the Crown Prosecution Service in the UK for the extradition case of Mallya.

The case can go through a series of appeals before reaching its final conclusion. India and the UK signed an Extradition Treaty in 1992, which has been in force since November 1993.

In April, Mallya was arrested in Scotland Yard and released after a few hours on conditional bail after paying 650,000 pounds.

Kingfisher owes over Rs 9,000 crore to 17 lenders, including the SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of Baroda, United Bank of India, Central Bank, UCO Bank, Corporation Bank, Indian Overseas Bank, Federal Bank, Punjab and Sind Bank, and Axis Bank, among others.

Wefornews Bureau

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