Enforcement Directorate objects UBHL plea for selling seized shares

Enforcement Directorate objects UBHL plea for selling seized shares

Bengaluru: The Enforcement Directorate (ED) on Tuesday informed the High Court of Karnataka that it cannot agree for sale of certain shares, seized by it from United Breweries (Holdings) Ltd., till the conclusion of confiscation proceedings in the case of money laundering booked against Vijay Mallya and others, and conclusion of trial under the Prevention of Money Laundering Act.

A written statement was submitted before a Division Bench comprising Chief Justice Subhro Kamal Mukherjee and Justice P.S. Dinesh Kumar during the appeal filed by UBHL against the order for winding up the company.

 ED Special Public Prosecutor S. Mahesh, in the written statement, said that "in view of the fact that the ED had reasons to believe on the materials in their possession that the appellant [UBHL] was in possession of proceeds of crime, they had initiated attachment proceedings as per Section 5(5) of the Act, which has been confirmed by the Adjudicating Authority."