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Our Bureau The Income-tax Department has cautioned general public that anyone planning to bid for 41,52,272 shares held by Vijay Mallya in United Racing and Bloodstock Breeders Ltd (URBBL) and put to e-auction by the Debt Recovery Tribunal-II, Karnataka, on October 30 will be deemed as void.
‘Created charge’
In a press release, Income-tax Department said: “This is to bring to the notice of the public that 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 persons purchasing such shares will be doing so at their own risk.”
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