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Banks get PMLA court nod to sell Vijay Mallya's UBL shares worth Rs.5,500-Cr

Business Standard  

Indian lenders, led by State Bank of India, have initiated talks with SBI Caps to sell Vijay Mallya-owned shares in United Breweries. Mallya's 16.15% stake in the UB group is valued at INR 5,500 crore and will be sold via block deals. Earlier, the Prevention of Money Laundering Act (PMLA) court in Mumbai had restored properties seized by the Enforcement Directorate (ED) from Mallya to banks that had granted loans to the fugitive businessman. The ED had seized assets worth INR 9,000 crore from the former UB group chairman in connection with money laundering.