SBI-led Group Files Counter to UBHL’s 594-cr Claim

The Economic Times - - Companies -

A con­sor­tium of banks led by SBI on Wed­nes­day filed counter ob­jec­tions against Vi­jay Mallya-con­trolled UBHL’s claim of .₹ 594 crore from them for com­pen­sat­ing the losses in­curred by it due to the sale of USL equity shares by lenders at ‘cheaper rate’. The UBHL, in its ob­jec­tions filed in the Debt Re­cov­ery Tri­bunal here on April 5, had con­tended that the lenders had sold 26 lakh equity shares of United Spir­its (USL) pledged to them be­fore ma­tu­rity. The com­pany, in its ob­jec­tions, also con­tended the lenders’ ac­tion of sell­ing the equity shares for .₹ 1,836.94 per share, in­stead of a good price, when the shares hit a high of .₹ 4,080 per share in April last year, caused loss to it. — PTI


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