ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • ZNAA'22
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Tata Motors to buy Ford India's Sanand factory for Rs 726 crore
  • At NITI meet, PM Modi gives mantra of 3Ts, modernising agriculture to Chief Ministers in big push for 'Atmanirbhar Bharat'
  • Majority of employees want hybrid work, not work from office - An insight
  • Oil slides further amid recession fears, slow recovery in China imports
  • Commonwealth Games schedule India day 11, August 8
Read in App
Business News » India News

HDFC Bank says not party to United Spirits case in PMLA court

The SBI-led bankers consortium had raised Rs 1,008 crore by selling 7.4 million pledged shares of United Breweries on Wednesday and wanted to recover more by liquidating shares of USL.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
HDFC Bank says not party to United Spirits case in PMLA court
HDFC contends that the exclusive charge over 65.85 lakh shares is with it and the pledge was not in favour of the SBI-led consortium. Reuters

HDFC Bank Friday said it is not a party to the proceedings in the PMLA court regarding liquidation of shares of United Spirits to recover dues owned by Vijay Mallya companies.

PTI had erroneously reported on Thursday that HDFC Bank had moved the special PMLA (Prevention of Money Laundering Act) court here against SBI-led bankers' consortium attempting to recover dues by liquidating shares of United Spirits Ltd (USL).

Such an application was filed by HDFC Ltd, which a separate entity.

"We would like to state that our name has been mentioned erroneously as we are not a party to the proceedings in the PMLA Court," HDFC Bank said in an e-mailed statement.

The SBI-led bankers consortium had raised Rs 1,008 crore by selling 7.4 million pledged shares of United Breweries on Wednesday and wanted to recover more by liquidating shares of USL.

Banks are seeking court permission to liquidate 65.85 lakh shares of United Spirits which were pledged by two Vijay Mallya companies -- United Breweries Holdings (UBHL) and Kingfisher Finvest, the holding company of the defunct Kingfisher Airlines -- as collateral for loans from HDFC.

The banks are trying to part-recover the Rs 6,203.35 crore of dues along with annualised interest of 11.5 per cent payable since 2013, by liquidating the confiscated assets of Mallya, who is awaiting an extradition case at the London High Court now.

Watch This Zee Business Video

HDFC contends that the exclusive charge over 65.85 lakh shares is with it and the pledge was not in favour of the SBI-led consortium.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
HDFC BankVijay Mallya
Written By: PTI
Updated: Fri, Mar 29, 2019
07:48 pm
PTI
RELATED NEWS
HDFC Bank-HDFC merger update: Private sector bank says no need to pay off parent firm's liabilities HDFC Bank-HDFC merger update: Private sector bank says no need to pay off parent firm's liabilities
HDFC Bank stock: Brokerages see 34% upside move amid strong Q1 earnings - Check price target HDFC Bank stock: Brokerages see 34% upside move amid strong Q1 earnings - Check price target
HDFC Bank q1 results 2022: What makes brokerages bullish on this bank stock despite sequential decline in profit? Check target prices HDFC Bank q1 results 2022: What makes brokerages bullish on this bank stock despite sequential decline in profit? Check target prices
HDFC Bank MD says will think on IPOs of HDFC Securities, HDB Financial Services after merger with HDFC HDFC Bank MD says will think on IPOs of HDFC Securities, HDB Financial Services after merger with HDFC
HDFC Bank Q1FY23 Results: Private lender’s consolidated profit surges 21% to Rs 9,579 cr, asset quality improves HDFC Bank Q1FY23 Results: Private lender’s consolidated profit surges 21% to Rs 9,579 cr, asset quality improves

LATEST NEWS

Royal Enfield Hunter 350 launched in India; Check price, variants, details and more

Commonwealth Game 2022 Medal Tally: Indian medal winners at Birmingham CWG after day 9 | Full List Here

Vodafone Idea may increase tariffs at regular intervals; here's why

Manappuram Finance, HLE Glasscoat and Balkrishna Industries: Buy, sell or hold—What should investors do?

At NITI meet, PM Modi gives mantra of 3Ts, modernising agriculture to Chief Ministers in big push for 'Atmanirbhar Bharat'

Dividend stocks, bonus share, stock split update: These 20 stocks will remain in focus this week | Full List

Commonwealth Games 2022: Indian women's hockey team wins bronze

Auto industry optimistic about new launches, improved production driving sales in festive season

JEE Mains Session 2 result declared on jee.nta.ac.in; check how to download | Details here

IRDAI to rename grievance redressal mechanism; complaints can be filed in regional languages soon

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV