Mallya and his UB Group companies, including Kingfisher Finvest, held a 32.12 per cent stake in the airlines as of September.
Grounded carrier Kingfisher Airlines on Wednesday said promoters United Breweries Holdings and Kingfisher Finvest India have released about 5.64 crore pledged shares.
The order brings an end to the nearly three-year legal battle in the Tribunal by the consortium, comprising 17 banks, to recover the money owed to them by the defunct airlines.
SBI says recovery process on as no court stay yet.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
IDBI Trusteeship Services, in its capacity as the lenders' trustee to Kingfisher Airlines, has invoked a little over 4.93 mn shares worth Rs 1,300 crore.
Indian banks on Thursday rejected the loan repayment offer made by Vijay Mallya.
The sale came when Mallya was trapped in a sea of debt, mainly as a result of the losses his now grounded carrier, Kingfisher Airlines, had been piling.
Mallya has denied that he had fled India and said he would comply with laws.
Banks are seeking an order that Mallya should appear in person before the court.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
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