: SBI-led group of banks recover Rs 792.11 crore by selling Vijay Mallya’s shares #IndiaNEWS A consortium of banks led by the State Bank of India has recovered Rs 792.11 crore through the sale of shares

SBI-led group of banks recover Rs 792.11 crore by selling Vijay Mallya’s shares #IndiaNEWS
A consortium of banks led by the State Bank of India has recovered Rs 792.11 crore through the sale of shares of fugitive businessman Vijay Mallya, the Enforcement Directorate said on Friday. The group of banks received the shares of the now defunct Kingfisher Airlines from the Enforcement Directorate.In December 2018, the consortium of banks had initiated bankruptcy proceedings against Mallya, who owes more than Rs 9,000 crore. Mallya is currently living in the United Kingdom on bail, having lost a legal battle against extradition to India to face charges of fraud and money laundering. He has repeatedly denied the charges against him and offered to pay back 100% of the amount borrowed by Kingfisher Airlines, but neither the banks nor the Enforcement Directorate has accepted the offer.The Enforcement Directorate said on Friday that the banks have already recovered an additional Rs 7,181.50 crore by liquidating Mallya’s assets,.The investigating agency had recently transferred Mallya’s assets worth Rs 3,728.64 crore to the SBI-led consortium, including shares of Rs 3,644.74 crore, demand drafts of Rs 54.33 crore and immovable properties worth Rs 29.57 crore, the Enforcement Directorate said.The central agency added that the Fugitive Economic Offences Court has allowed banks to take over assets worth Rs 1,060 crore of two other fugitive...Read more

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