Mumbai: Debt Recovery Court (DRT) on behalf of Indian Foreign Bank (SBI) LED Banks sells shares worth RS 792.12 Crore Vijay Malla on Friday, which was confiscated by the Money Laundering Money Directorate (ED) in Money Laundering (ED) in Washing Case money, to recover their loan money.
Ed had given them NOC for it recently.
Previously, the consortium had restored Rs 5,824.50 Crores and 1,357 crore Rs on two different occasions by selling Mallay shares.
The bank restored 81% of their total claims Rs 9,900 Crore against Mallya.
Most of the shares are United Breweries Ltd (UBL) and United Spirits Ltd.
(USL) owned by Mallya for 7 different companies, some of them are paper companies, controlled by it.
Ear earlier has confiscated this stock in the case after that at the Exchange Exchange record is this shareholder.
Recently with court permission, Ed has transferred this stock on behalf of the SBI LED consortium after ensuring that Heineken in principle has agreed to buy most of these shares.
Mallya, a fugitive economy, in the UK and the Indian government tried to extradite him in this case.
Under the law, so the court stated that the fugitive economic violators accused, government institutions can confiscate all of their nature – even those who are not related to crime – and after the confirmation of the court, it becomes a government property that can restore the loss of the bank.
Mallya allegedly deceived Rs 9,990 Crore from the SBI LED consortium.
Mallya took a bank loan in his personal guarantee, guarantee corporate ownership of UB and increased brand guarantees from Kingfisher Airlines which are now dead.
This loan was taken for the operational costs of Kingfisher Airlines but used for other purposes, including to buy luxury aircraft for Mallya’s personal use and property.
After that, the Kingfisher loan account turned into NPA which caused the loss of the bank.
The SBI LED Consortium recovered Rs 792CR more than Mallya’s shares
