UBHL seeks HC's nod to sell shares

The United Beverages Holdings Limited (UBHL) on Monday filed an application before the high court seeking permission to sell its seized shares worth Rs 7,500 crore.

The shares are in Enforcement Directorate's possession in connection with the money laundering case booked against Vijay Mallya and others.

A division bench headed by Dinesh Maheshwari directed the advocate representing the petitioner to submit a detailed report on total shares and assets of the UBHL.

Meanwhile, Sajan Poovayya, the advocate representing the petitioner submitted before the bench that the company has decided to sell its shares and repay the debts.

He submitted that he would file an interim application seeking the court's permission in this regard.

The shares value is around Rs 7,500 crore and if they are sold the UBHL can repay the debts of Rs 6,000 crore and interest.

Senior council SS Naganand representing banks submitted that the UBHL has to pay Rs 10,000 crore including debt and interest. The court even appointed liquidator but banks have not received even a single penny.

The bench adjourned the matter to April 17 for further hearing.