Tax office cautions against buying Vijay Mallya’s shares

Tax office cautions against buying Vijay Mallya’s shares

October 26, 2018 0 By Rajesh Agrawal

The Income Tax Department, Karnataka & Goa has cautioned the public against the purchase of shares held by beleaguered liquor baron Vijay Mallya in United Racing and Bloodstock Breeders Ltd. (URBBL), which have been put up for e-auction on October 30 by the Debt Recovery Tribunal-II, Karnataka.

“A sale proclamation has been published by the Debt Recovery Tribunal-II, Karnataka whereby 41,52272 shares held by Dr Vijay Mallya in United Racing and Bloodstock Breeders Ltd. (URBBL) have been put up for e-auction on October 30. This is to bring to the notice of the public that Income-tax Department has already created charges against the said shares on account of outstanding demand. Therefore, such sale/transfer of these shares will be void in terms of Section 281 of the Income-tax Act. Any persons purchasing such shares will be doing so at their own risk,” stated the  official statement.