A State Bank of India (SBI)-led consortium that lent loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said.
Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore.

The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.

The Central Bureau of Investigation (CBI) has registered a case on a complaint from the State Bank of India (SBI) against C.G.Power and Industrial Solution Ltd, a Mumbai-based private firm. The case related to the YES bank matter also names several others, including Gautam Thapar, then CMD K.N Neelkanth, then CEO & MD Madhav Acharya, then ED & CFO Venkatesh Rammoorthy, then CFO B Hariharan and then Director Omkar Goswami for causing an alleged loss of approximately Rs 2435 crore to SBI and other consortium member banks.  

Then non-executive director, unknown persons and bank officials have also been named in the charge sheet. The accused had allegedly cheated SBI and other consortium member banks including Bank of Maharashtra, Axis bank, Yes Bank, Corporation Bank, Barclays Bank, IndusInd Bank etc. by way of diversion of bank funds; sham transactions with related parties; borrowing funds from the Bank by misrepresentation; falsifying/fabricating books of accounts, entries, vouchers and financial statements; furnishing false, incorrect or misleading information; siphoning off funds including various loan proceeds. 

The Debt Recovery Tribunal (DRT) on behalf of a State Bank of India (SBI)-led consortium of lenders sold shares of United Breweries worth Rs 5,824.50 crore of fugitive businessman Vijay Mallya on Wednesday.

The shares, which represent a 15% stake in Kingfisher Beer-maker UB, were bought by existing shareholder Heineken which now has control.

For banks, the recovery covers up their principal claims and a substantial part of the total claims of Rs 9,900 crore from Mallya. As the loans to Kingfisher were completely written off, the recovery could boost their profits in the first quarter.

In a major step towards its resurrection, the National Company Law Tribunal (NCLT) on Tuesday cleared the resolution plan submitted by Kalrock-Jalan consortium. The consortium will now apply for the relevant government approvals before it can recommence operations.

"The NCLT approval will be valid for 90 days from today, following which the airline will have to approach the tribunal again for an extension," said a source. "This is the first airline to get an approved to restart operations under India's Insolvency and Bankruptcy Code," the source added.

The Kerala high court has asked the central government to decide on a representation seeking to bring petroleum products under goods and services tax (GST) regime.

A division bench comprising chief justice S Manikumar and justice Shaji P Chaly asked the government to take a decision on the representation raising the demand within six weeks after considering a petition (WP-C No. 12481/2021) filed by Kerala Pradesh Gandhi Darshanvedi through advocate Arun B Varghese.

It was alleged by the petitioner that petrol and diesel rates differ in various states as the tax levied by each state is different.

Unification of the tax on petrol and diesel is required, the petitioner had demanded in the petition while alleging that frequent price increases are adversely affecting the life of citizens as prices of common goods also increase with the increase in fuel prices.