SBI SOLD VIJAY MALLYA’S SHARES RECOVERED 70% LOSS

State Bank of India led to consortium of banks that sold Vijay Mallya’s shares worth RS 5,825 crore in United Breweries group to Heineken company on Wednesday recovering about 70% of their 9,900 crore defrauded loan money.

The Wednesday deal was executed in a special arrangement between the Enforcement Directorate, consortium of banks led by SBI and present owner of Heineken company.

Mallya is currently in UK and the Indian government is trying to extradite him in the case. Earlier he was declared as a fugitive economic offender as he defrauded Rs 900 crore from IDBI and. Rs 9000 crore from SBI led consortium of 17 banks.


Inputs: TOI

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