Sale of UBL shares held by Vijay Mallya-linked company to take place on Wednesday

The PMLA court on Tuesday rejected the application filed by UBHL, a company linked to Vijay Mallya, challenging the proclamation of sale issued by Debts Recovery Tribunal (DRT), Bangalore, for sale of shares in order to recover the dues.

The special PMLA court on Tuesday refused to stay the sale of United Breweries Ltd’s (UBL) shares held by Vijay Mallya-linked United Breweries (Holdings) Limited. The sale is scheduled to take place on Wednesday morning.

Vijay Mallya is the chairman of UBHL. (AP File)

Earlier, on March 11, DRT had issued a proclamation for sale of more than 74 lakh shares of UBL, owned by UBHL,a company where Vijay Mallya is chairperson.

The court on Tuesday rejected the application filed by UBHL, challenging the proclamation of sale issued by Debts Recovery Tribunal (DRT), Bangalore, for sale of shares in order to recover the dues.

The court had asked the recovery officer of DRT to file a reply to UBHL plea by March 25. However, he did not appear before the court. On Tuesday, arguing for UBHL, Amit Desai questioned the action of the recovery officer. Desai contended that the officer has only proposed to sale a small amount of the entire share block held by UBHL and Vijay Mallya, which would cause a huge loss to creditors.