Beware! Vijay Mallya's company shares up for sale, but here's why you shouldn't buy
The IT Department has warned the public not to buy the shares of Vijay Mallya’s company that the Debt Recovery Tribunal will put up for sale on October 30.
“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, said Rathi referring to a public notice issued by the Principal Chief Commissioner of Income Tax, Karnataka and Goa circle.
Even the Service Tax department served a notice to Kingfisher for dues of Rs 87.5 crore, which the airline had collected from the passengers but not deposited with it. Mallya incepted the unlisted company (URBBL) back in 1988 to bring under a single banner, his interest in racing and breeding horses. In 1992, he took over the historic Kuningal Stud Farm, about 70 km northwest of Bengaluru, to breed horses for racing in top class fillies.
The 63-year-old fugitive business tycoon has been living in the UK since March 2016 after the some state-run and private banks moved the Tribunal here against sale of his assets, including shares in his group firms for not paying back the loans over Rs 9,000 crore he raised to sustain his loss-making airline.
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