Kingfisher Airlines Chairman Vijay Mallya has blamed almost everyone, including engine suppliers, employees, banks and tax authorities, for grounding of the carrier since October last year.
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UBHL chairman sold 8.41% stake, but didn't disclose.
He sold 8.84% stake for Rs 55 crore based on average stock price in September quarter.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
The board of directors will review the position of Vijay Mallya, under self-exile in Britain, at its next meeting on August 12.
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Vijay Mallya-controlled UB Group's open offer for acquiring stake in liquor firm Shaw Wallace will begin on April 18, the manager to the offer said on Thursday.
UB Group stocks, led by United Breweries Holdings Ltd, on Monday slumped by up to 5.3 per cent as trouble mounted for Vijay Mallya.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
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.
The lenders have not ruled out selling the property to recover part of their loans to the company.
'I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter,' Mallya said on Twitter.
The petition has also made the Ministry of Finance and the bank as parties in the case.
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
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.
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw issued notice to the airline and the central government seeking their replies within a week on PNB's plea.
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SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Diageo, under a share purchase agreement (SPA) with UBHL and various other sellers, had acquired 21,767,749 shares (14.98 per cent) in USL
A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
Vijay Mallya is accused of money laundering and violating the FEMA.
The UK Home Secretary will have to sign Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Mallya will now be the Founder Emeritus of USL
The final hearing in the case at the London magistrate's court to extradite Mallya to India is scheduled later this month.
The bank had issued the notice alleging the carrier has wilfully defaulted in payment of outstanding dues of more than Rs 770 crore (Rs 7.7 billion).
Indian banks on Thursday rejected the loan repayment offer made by Vijay Mallya.
The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
Lenders to Kingfisher Airlines, led by State Bank of India, had moved courts to get residual rights over these shares after Srei recovered the collateral from the defunct Kingfisher Airlines, making it difficult for Srei to sell the shares, said a legal source.
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.
More than half of Mallya's total package for 2015 has been paid by Mendocino Brewing Company for 'promoting' the company's beer brands
Banks are seeking an order that Mallya should appear in person before the court.
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The agency did not seek a reappointment in FY12.