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I-T: Mallya’s stud farm shares risky
The Income Tax Department cautioned against buying over 41-lakh equity shares of fugitive liquor baron Vijay Mallya in his company the Debt Recovery Tribunal-II has put up for sale through e-auction on October 30, an official said.
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Bengaluru
“We are cautioning the public that buying Mallya’s shares in his subsidiary company United Racing and Bloodstock Breeders Ltd (URBBL) in the e-auction will be at their own risk because they (shares) are under our charge (custody) against outstanding demand in a tax evasion case,” IT official N Rathi said here.
The Tribunal has put on sale 41,52,272 shares of Mallya in United Racing and Bloodstock Breeders Ltd (URBBL) through e-auction on October 30 to recover the outstanding amounts a consortium of 17 banks had lent to his now defunct Kingfisher Airlines Ltd between 2008 and 2012.
Vijay Mallya had formed the unlisted company (URBBL) in 1988 to bring under a single banner, his interest in racing and breeding horses. In 1992, he took over the historic Kuningal Stud Farm, about 70km northwest of Bengaluru, to breed horses for racing in top class fillies.
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