High Court issues notice to ED over winding up of UBHL

High Court issues notice to ED over winding up of UBHL

BENGALURU: The Karnataka High Court on Wednesday issued notice to the Enforcement Directorate (ED) which attached the shares of the United Spirits Limited owned by Vijay Mallya under the Prevention of Money Laundering Act. This was in relation to the appeal filed by the commercially insolvent company United Breweries (Holdings) Limited (UBHL) against the winding up order.  

A division bench of Chief Justice Subhro Kamal Mukherjee and Justice P S Dinesh Kumar issued notice to the ED seeking its response, after UBHL informed that it has shares to sell and can deposit the amount.
During the hearing, the counsel for UBHL informed the court that the company is ready to offer more than million USL shares worth `1,200 crore. In addition to this, `1,280 crore deposit plus `108 crore interest accrued on the deposit is available with the court, the counsel said.