Income Tax Department cautions against purchasing URBBL shares held by Vijay Mallya in e-auction

Bengaluru: The Income Tax Department on Thursday cautioned people against purchasing the shares of United Racing and Bloodstock Breeders Limited (URBBL), held by fugitive Vijay Mallya.

File photo of Vijay Mallya. Reuters

File photo of Vijay Mallya. Reuters

The I-T department's warning comes as the Karnataka's Debt Recovery Tribunal-II published a sale proclamation stating that e-auction of 41.52 lakh shares will be held on 30 October this year.

"This is to bring to the notice of the public that the Income Tax department has already created charge 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 person purchasing such shares will be doing so at their own risk, "the income tax department said in a statement.

The income tax officials have written to the Karnataka Debt Recovery Tribunal too to put the e-auction on hold, said sources in the Income Tax department.

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to and hit the Subscribe button.

Updated Date: Oct 26, 2018 11:54:57 IST