28 June, 2018

India: Debt Recovery Tribunal restricts transfer of United Spirits shares held by Vijay Mallya and United Breweries (Holdings)

The Debt Recovery Tribunal has restricted the transfer of United Spirits Ltd (USL) shares held by Vijay Mallya and United Breweries (Holdings) Ltd (UBHL), The Hindu Business Line reported on June 28.

The shares were frozen to enable recovery of R6,203.35 crore from Kingfishers Airlines Ltd and others with interest and costs from Mallya and UB (Holdings), said Diageo India, owner of USL, in a notice to the exchanges.

Mallya's 62,550 equity shares of R2 a share (pre-split — 12,510 shares of R10) and UBHL’s 88,79,410 shares of R2 each were affected by the DRT move.

Mallya, a couple of days back, reiterated that he was always willing to settle the dues to the lenders as well as to Kingfisher Airline employees.

“UBHL and myself have filed an application before the Hon’ble Karnataka High Court on June 22, 2018, setting out available assets of approximately R13,900 crore. We have requested the court’s permission to allow us to sell these assets under judicial supervision and repay creditors...,” Mallya said.

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