The article below represents a preview only and is not meant for reuse or republishing.
Mallya assets should be with us: Liquidator from Karnataka HC
Click here to read full article from source
India, March 14 -- The official liquidator (OL) appointed by the Karnataka high court to wind up United Breweries Holdings Limited (UBHL) on Wednesday requested the special Prevention of Money Laundering Act (PMLA) court to hand over all the properties to OL instead of the State Bank of India (SBI).
The office of OL submitted its objection to the plea submitted by the SBI to restore the rights of Vijay Mallya's properties to the bank so that it can recover its dues by selling them.
The bank is seeking rights over properties, including shares held by Mallya, worth Rs 6,203 crore.
In its objection, the OL said the bank is not the only creditor of the company and the liquidator has to secure interests of other creditors as well.
To read the full article or to get the complete feed from this publication, please Contact Us