State Bank of India (SBI), a consortium of Indian banks led by state-run Bank of India (SBI), paid 70% of its debt by selling 5,825 crore shares to Heineken. Vijay Mallya has taken a loan of Rs 9,900 crore from various banks in the country and he left the country without repayment. This big move taken on Wednesday is part of the recovery of this debt. Let us tell you, this whole transaction was done before the stock market opened today.
Today, the ED said in a statement that the debt recovery tribunal (DART) is suing United Breweries Limited (UBL) for $ 5,800 crore on behalf of a federal lender. Was forfeited. The ED said it had handed over the confiscated shares (UBL’s estimated Rs 6,600 crore) to the SBI-led consortium on the direction of a special PMLA court in Mumbai.
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Previously, Bank Mallya’s shares were worth Rs 1357 crore. Shares belong to United Breweries and United Spirits Limited. Following the action, the bank is set to sell more than Rs 800 crore worth of shares before June 25. The country’s 17 banks together raised Rs 9,000 crore. And IDBI Bank of Rs 900 crore. The loan was taken by Mallya for Kingfisher Airlines, but Mallya used it personally.
Former Kingfisher Airlines owner and businessman Vijay Mallya, 65, has been out on bail in the UK on an extradition warrant since his arrest in April 2019. Currently, Vijay Mallya is in England, and efforts are being made to bring him back from there.
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