PMLA court allows sale of Mallya’s Rs 1,000-cr shares, rejects UBL’s plea

In a major step to partly recovering outstanding dues from Vijay Mallya, a PMLA court on Tuesday rejected United Breweries Holdings’ plea to stay the proposed sale of shares worth around Rs 1,000 crore of its erstwhile subsidiary United Breweries (UBL) by a court-appointed liquidator.

Special judge M S Azmi rejected their plea on the ground that the court may not have the powers to grant a stay on the proposed sale.

This is the first sale of Mallya’s confiscated assets by the authorities since he left the country in March 2016.

United Breweries shares closed over 2 per cent up on the BSE at Rs 1,347.90 Tuesday and the sale of 74,04,932 shares at this price would fetch around Rs 999 crore.