 "Vijay Mallya")
A special court hearing the Prevention and Money Laundering Act (PMLA) cases on Tuesday has permitted the consortium of banks led by State Bank of India (SBI) to liquidate the fugitive offender Vijay Mallya’s equity holdings attached by the Enforcement Directorate (ED) with riders.
The move comes after the banks moved the special court in January seeking release of assets of Mallya and United Breweries (UB), including the pledged and unpledged shares seized by the enforcement agency to realise their best value. The SBI-led consortium expects to make over Rs 13,000 crore from the sale of the fugitive offender’s shares.
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