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  Business   Companies  08 May 2018  ED attaches 4.13 crore shares of United Breweries Ltd promoter firms

ED attaches 4.13 crore shares of United Breweries Ltd promoter firms

PTI
Published : May 8, 2018, 7:58 pm IST
Updated : May 8, 2018, 7:58 pm IST

United Breweries was once headed by fugitive liquor baron Vijay Mallya.

With this transfer, the Enforcement Directorate (ED) now holds 4,27,04,758 equity shares (16.15 per cent stake) in the company.
 With this transfer, the Enforcement Directorate (ED) now holds 4,27,04,758 equity shares (16.15 per cent stake) in the company.

New Delhi: United Breweries on Tuesday said Enforcement Directorate has attached over 4.13 crore equity shares aggregating 15.63 per cent stake held by eight promoter firms of the company and transferred to the agency.

With this transfer, the Enforcement Directorate (ED) now holds 4,27,04,758 equity shares (16.15 per cent stake) in the company, said United Breweries, which was once headed by fugitive liquor baron Vijay Mallya, in a regulatory filing.

 

The promoter companies, whose shares have been transferred to ED include United Breweries (Holdings) Ltd (1.95 crore shares aggregating to 7.39 per cent stake) and McDowell Holdings Ltd (18.59 lakh shares, 0.7 per cent). United Breweries (Holdings) Ltd (UBHL) was ordered to be wound up by Karnataka High Court on February 7, 2017.

Besides, shares held by the Gem Investment & Trading Co Pvt Ltd (97.87 lakh, 3.70 per cent) and Mallya Pvt Ltd (16.71 lakh shares, 0.63 per cent), and Vittal Investments Pvt Ltd (43.15 lakh shares, 1.63 per cent), among others have also been attached and transferred. Last year in August, UBL had announced that Mallya ceased to be the director of the company following Sebi's order against him.

 

The market regulator has banned Mallya from holding position as director or key managerial personnel of any listed company close on the heels of CBI naming him, Kingfisher Airlines and eight others in a charge sheet related to loan default case.

Mallya, whose now-defunct Kingfisher Airlines (KFA) owes more than Rs 9,000 crore (including interest) to various banks, had fled India for London on March 2, 2016.

The ED had filed charge sheet against Mallya in connection with a money laundering probe in the about Rs 900-crore IDBI-KFA bank loan case. The agency had also attached properties belonging to him and firms promoted by him.

The CBI has two cases against him -- one related to the IDBI Bank case and the other related to a loan default of over Rs 6,000 crore filed on the basis of a complaint from a State Bank of India-led consortium. The beleaguered businessman is currently fighting a legal case against his extradition from the UK to India.

 

Tags: loan default, united breweries, enforcement directorate, vijay mallya, liquor baron
Location: India, Delhi, New Delhi