The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
Here's the full text of the statement
A State Bank of India (SBI)-led consortium that gave loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said. Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore. The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.
Sebi has now proposed that the Companies Act should also clearly mention that a person should vacate the office of a director if it orders his or her disqualification.
Mallya left the country on March 2 and has had his passport revoked.
With Mitsubishi pulling the plug on it the days of the Pajero maybe over, but nobody who ever owned one will forget it. Some even learnt life-long lessons from it, says Pavan Lall.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
Price has been fixed at Rs 85.3cr
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
Five years after the Dutch brewer took 37.4% in Vijay Mallya's UB, it has bought another 1.35%.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
After being forced to resign as chairman of MCF, Mallya is now keen on increasing his stake in the company
The Survey shows fiscal consolidation despite slowdown in growth.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
Ritu Mallya, step mother of Vijay Mallya, has joined the board of Mangalore Chemicals and Fertilisers.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
Mallya will now be the Founder Emeritus of USL
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
RBI rule, applicable prospectively, also for non-group guarantors.
The banks have asked the court to demand his return and to impound his passport.
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
Sahara India needs to pay back $5.3 billion, raised from millions of small investors through the sale of bonds ruled by the Supreme Court to be illegal, before founder Subrata Roy can be released.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
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 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
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