Karnataka High Court questions banks over Vijay Mallya share claims

The Karnataka High Court has questioned a consortium of banks regarding their continued claims over shares belonging to fugitive businessman Vijay Mallya and his son, Sidhartha Mallya.

Despite the banks having already recovered assets worth approximately Rs 14,131.6 crore—more than double the original Rs 6,203-crore loan extended to the defunct Kingfisher Airlines—the court observed there was no justification for the consortium to continue claiming disputed shares of United Breweries Limited.

The observations were made while the court granted relief to Diageo Holdings Netherlands BV in a dispute involving shares pledged as security for a separate loan transaction. The disputed holdings include over 10 million shares held by Vijay Mallya and an additional 10 million shares held jointly by him and his son.