Vijay Mallya owned United Breweries Ltd's Rs 100 crore shares transferred to government

Trouble escalates for Vijay Mallya as Stock Holding Corporation of India Ltd (SHCIL) has transferred the title and rights of shares worth Rs 100 crore of United Breweries Ltd (UBL) by Vijay Mallya, to the Government, reported the Indian Express. 

The move came as a part of the process of confiscating the assets of Vijay Mallya. 

Earlier, the ED had written to SHCIL asking it to transfer the title and rights of un-pledged shares of UBL, United Spirits Ltd (USL) and McDowell Holdings Ltd worth close to Rs 4,000 crore, held by Mallya and his associate firms.

In August, United Breweries Ltd (UBL) said its Chairman Vijay Mallya has ceased to be director of the company following market regulator Sebi's order against him.

On January 25, Sebi had restrained Mallya from holding position as director or key managerial personnel of any listed company which has not been vacated till date, UBL said in a regulatory filing.

"The board at its meeting held today has authorised filing of requisite forms/intimations with the Registrar of Companies and other authorities notifying Vijay Mallya's cessation from holding position of director in the company," UBL then said.

In January, the Securities and Exchange Board of India (SEBI) had restrained Mallya and six others from the securities market and also from "buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly" till further directions.

The market regulator's order was issued close on the heels of CBI naming Mallya, Kingfisher Airlines and eight others in a chargesheet related to loan default case.