The pending dues include the initial fine of ₹15 lakh and interest of ₹3.5 lakh and a recovery cost of ₹1,000.
Markets regulator SEBI has ordered attachment of bank accounts as well as share and mutual fund holdings of defaulter businessman Vijay Mallya-led United Breweries (Holding) Ltd. to recover dues totalling ₹18.5 lakh.
The decision has been taken after UBHL failed to pay the fine imposed on it. In 2015, the SEBI had levied a fine of ₹15 lakh on the company for disclosure lapses regarding creation and invocation of certain pledge transactions in shares of United Spirits.
The pending dues — totalling ₹18.5 lakh — include the initial fine of ₹15 lakh and interest of ₹3.5 lakh and a recovery cost of ₹1,000.
In an attachment notice dated November 13, the SEBI asked banks, depositories and mutual funds not to allow any debit from the accounts of UBHL. However, credits have been permitted.
Further, the SEBI has directed the banks to attach all accounts, including lockers, held by the defaulter.
“There is sufficient reason to believe that the defaulter may dispose of the amounts in the bank accounts and securities in the demat accounts held with your bank, depository, mutual fund, and realisation of amount due under the certificate would in consequence be delayed or obstructed,” the SEBI said.
Mr. Mallya held 7.91% stake in UBHL in his personal capacity as of December 2016 while the total promoter holding through various entities stands at 52.34%, according to the latest BSE data. He has been in the U.K. since he left India on March 2, 2016.
