Income Tax Department Warns Public For Buying Equity Shares Of Vijay Mallya’s Company

In the latest Vijay Mallya Company News, the Income Tax (IT) office has requested that general society should not purchase shares of United Racing and Bloodstock Breeders Limited (URBBL), held by businessman Vijay Mallya, that are planned to be set up for re-sell off on October 30, 2018, by the Debt Recovery Tribunal-II, Karnataka.

“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 oBying outstanding demand in a tax evasion case,” IT official N. Rathi told news organization IANS.

The Tribunal has put marked down, the shares of Vijay Mallya company called United Racing and Bloodstock Breeders Ltd (URBBL) through e-sell off on October 30, to recuperate the exceptional sums a consortium of 17 banks had loaned to Mallya’s presently ancient Kingfisher Airlines Ltd somewhere in the range of 2008 and 2012.

The IT authorities have additionally composed a letter to the Karnataka Debt Recovery Tribunal to put on hold the re-sell off on October 30, 2018, PTI revealed referring to unidentified sources in the office.

Meanwhile, an appellate tribunal not long ago had coordinated Enforcement Directorate (ED) to hold “status quo” with respect to the properties of Vijay Mallya till November 26. “Till the next date of hearing, Vijay Mallya is restrained not to deal with and alter the status of the movable and immovable properties…and shall not create third party interest in any manner directly or indirectly till the next date,” the court had said.

Mr. Rathi included in the Financial Express report, “Sale or transfer of these shares will be void in terms of Section 281 of the Income Tax Act, 1961. Any person purchasing such shares will be doing at his/her own risk.”

Vijay Mallya Company had shaped the unlisted organization (URBBL) in 1988 to bring under a solitary standard, his enthusiasm for dashing and rearing ponies. In 1992, he assumed control over the memorable Kuningal Stud Farm, around 70km northwest of Bengaluru, to breed ponies for dashing in best class fillies, according to the report of NDTV.

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