Lawstreet Journal

SC asks Centre to ensure Vijay Mallya’s attendance before Court on October 5 [READ ORDER]

Lawstreet Journal 1 Sep 2020 9:50pm

Image courtesy: Lawstreet Journal Judiciary SC asks Centre to ensure Vijay Mallya’s attendance before Court on October 5 [READ ORDER]

The Supreme Court on Thursday (August 27,2020) asked the Centre to examine whether the assets of United Breweries Holdings Limited (UBHL) attached by the Enforcement Directorate could be available to save the “winding up” of the company and clearing the dues of over Rs 9,000 crore to be paid to banks. Former liquor baron Vijay Mallya holds a little over 10 percent shares in the UBHL which is majorly owned by Dutch beer maker Heineken and British spirit maker Diageo. Mallya’s shares in the company, along with other assets, were attached by the Directorate of Enforcement as alleged crime proceeds in their investigation into a case against Mallya registered under the Prevention of Money Laundering Act (PMLA). Prior to his escape from the country in 2016, he took loans from a consortium of banks but failed to repay. According to Mallya’s lawyers, the outstanding dues are worth Rs 6,203 crore.

Senior advocate CS Vaidyanathan, who appeared for Mallya, informed the Court that the assets of the company are more than its liabilities. If the assets lying under the attachment with the ED are allowed to be used, this can save the company from winding up and also help banks receive their dues. He informed the Court that the banks have approached the Debt Recovery Appellate Tribunal with this prayer.This submission did not meet approval from the State Bank of India (SBI), which forms part of the consortium of banks waiting to get its dues. Solicitor General Tushar Mehta told the Court… Continue Reading...

Tagged: Vijay Mallya  
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