What are the shares that ED allowed to sell on Wednesday?

The Enforcement Directorate or the ED transferred part of the confiscated demat assets of defaulting borrowers worth Rs.8,441 crore. This was transferred to the state-run banks from shares sold where the cases were relating to economic offenders like Vijay Mallya, Nirav Modi and Mehul Choksi. The shares sold included the sale of UBl to Heineken, for which the government granted special exemption from making an open offer to the shareholders.

Between Nirav Modi, Choksi and Mallya, the 3 have allegedly defrauded PSU banks to the tune of Rs.22,586 crore. The total transfer of such attached assets came to Rs.9,371 crore, so just about 40% of the dues have been recovered by these banks. The bigger battle that the government is fighting along with the agencies like ED, is to get offenders like Modi and Mallya extradited to India to face the rule of law for grave economic offences committed.