National NEWS
Pawar Accepts Holding Shares in UB Group: Report
June 7, 2010 Visionmp.com news service
Latest reports say that Union Agriculture Minister Sharad Pawar has shares in the Baramati Grape Association, a subsidiary of Vijay Mallya-owned United Breweries (UB) Group, said media reports.
The Times of India reported that Pawar family owns more than 51,000 shares (0.05% of the company’s total equity) in Vijay Mallya’s United Spirits Ltd (USL), of which Royal Challengers Sports Private Ltd (RCSPL) is a wholly-owned subsidiary, reports said.
According to report, the shares are presently valued at about Rs 6 crore.
It may be mentioned that the Baramati Grape Industries was merged with the USL in 2006, which resulted in transfer of shares to the Pawar family-owned Lap Finance and Consultancy Pvt Ltd.
Report said that the Pawar’s shareholding in the USL is around 0.05% of that company’s equity.
This holding resulted from the merger in 2006 of Baramati Grape Industries Ltd – in which the Pawars had a significant stake and where his brother was a director – with USL, report said.
Lap Finance and Consultancy Pvt Ltd, a family company of the Pawars, repeatedly held these shares, said report.
Report said that the Pawars also own shares in Pune-based City Corp, which was one of the bidders for the second round of IPL franchise auctions.
(Based on internet reports)
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