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Vijay Mallya, UBHL sat on huge funds as Kingfisher Airlines battled debt: ED

Investigation by the Enforcement Directorate has revealed that Promoters of Kingfisher Airlines Ltd (KAL), including Vijay Mallya and United Breweries Holdings Ltd (UBHL), possessed shares worth Rs 3,847.45 crore in various public limited companies but showed no intention to clear bank dues of Rs 5,500 crore. Also Mallaya had pledged his holdings in group companies worth Rs 1,653 crore with UTI Investor Services but did not remove the lien even after the liability had been cleared off. ED concluded that the KAL was actually involved in money laundering offence and generated proceeds of crime (PoC) of Rs 4,235 crore.

Read More at Business Today News date : 11 Feb 2019, Monday

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