BENGALURU: Two finance ministry businesses have issued conflicting notifications on convalescing cash from fugitive rich person Vijay Mallya through sale of shares in his company, with the source of revenue tax division even happening to warn people against purchasing the shares.
On September 29, the Debts Recovery Tribunal-II (DRT) in Bengaluru notified an e-auction of 41.52 lakh (41,52,272) shares held by way of Mallya in United Racing and Bloodstock Breeders Ltd (URBBL). However, the source of revenue tax (I-T) division on Thursday warned the general public against purchasing those shares, announcing: “...persons purchasing such shares will be doing so at their own risk.” The division has additionally mentioned that sale of those shares are void. The auction is scheduled on October 30.
As in line with the DRT notification, a certificate for convalescing Rs 6,203 crore and prices, in conjunction with an passion at 11.50% in line with annum from June 2013, was ordered on February 21, 2017 in the case bearing on ‘SBI and Others versus Kingfisher Airlines Ltd and Others’. The sale of the URBBL shares was a part of this recovery procedure.
“The sale will be of the shares in one unmarried lot with a reserve price of Rs 24.52 crore,” the notification learn. This signifies that each and every of the 41.52 lakh shares will be sold at Rs 59.07 and the DRT has mentioned that in case the e-auction failed, a manual auction will be hung on October 31. The I-T division, on the other hand, has mentioned: “The source of revenue tax division has already created price against the mentioned shares because of exceptional demand. Therefore, such sale or transfer of those shares will be void.”
On September 29, the Debts Recovery Tribunal-II (DRT) in Bengaluru notified an e-auction of 41.52 lakh (41,52,272) shares held by way of Mallya in United Racing and Bloodstock Breeders Ltd (URBBL). However, the source of revenue tax (I-T) division on Thursday warned the general public against purchasing those shares, announcing: “...persons purchasing such shares will be doing so at their own risk.” The division has additionally mentioned that sale of those shares are void. The auction is scheduled on October 30.
As in line with the DRT notification, a certificate for convalescing Rs 6,203 crore and prices, in conjunction with an passion at 11.50% in line with annum from June 2013, was ordered on February 21, 2017 in the case bearing on ‘SBI and Others versus Kingfisher Airlines Ltd and Others’. The sale of the URBBL shares was a part of this recovery procedure.
“The sale will be of the shares in one unmarried lot with a reserve price of Rs 24.52 crore,” the notification learn. This signifies that each and every of the 41.52 lakh shares will be sold at Rs 59.07 and the DRT has mentioned that in case the e-auction failed, a manual auction will be hung on October 31. The I-T division, on the other hand, has mentioned: “The source of revenue tax division has already created price against the mentioned shares because of exceptional demand. Therefore, such sale or transfer of those shares will be void.”
I-T dept warns against buying Mallya co stocks
![I-T dept warns against buying Mallya co stocks]()
Reviewed by Kailash
on
October 27, 2018
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