Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / People/  Vijay Mallya’s shares worth Rs1620 crore attached
BackBack

Vijay Mallya’s shares worth Rs1620 crore attached

The Enforcement Directorate said that a special money laundering court had ordered the attachment of Vijay Mallya's shares on its application

ED is investigating Vijay Mallya in a case of alleged money laundering. Photo: Hemant Mishra/MintPremium
ED is investigating Vijay Mallya in a case of alleged money laundering. Photo: Hemant Mishra/Mint

Mumbai: A special money laundering court on Friday ordered the attachment of Rs1,620 crore worth of UB Group chairman Vijay Mallya’s shares in a money laundering case.

The Enforcement Directorate (ED) said in a statement that the court had ordered the attachment of Mallya’s shares on its application.

The attached shares include those that Mallya held in group companies such as United Breweries Holdings Ltd (UBHL), United Breweries Ltd (UBL) and United Spirits Ltd (USL).

The attachment order comes after a Special Court for Prevention of Money Laundering Act (PMLA) declared Mallya a proclaimed offender on 10 November.

“In view of his repetitive avoidance and non compliance, Enforcement Directorate (ED) had filed an application before to declare Mallya, a proclaimed offender under provision of section 82 of Cr P.C. and attach his movable and immovable properties to compel the offender to join investigation," said the investigative agency in a statement.

ED is investigating Mallya in a case of alleged money laundering when Kingfisher Airlines (KFA), which was founded by him, defaulted on its loan payment to a consortium of public lenders.

The fresh round of attachment is in addition to earlier attachment of movable and immovable properties worth Rs8,041 crore (market value), taking the total attachment to Rs9,661 crore.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Jayshree P Upadhyay
Jayshree heads a team of reporters focussing on legal, regulatory, investigative stories. She has worked for over a decade, reporting on financial scams, legal stories and the intersection of corporate and regulatory issues. She is based in Mumbai and has previously worked with Business Standard, Mint, The Morning Context and Bloomberg TV India.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 11 Nov 2016, 11:46 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App