Vijay Mallya

United Breweries shares closed over 2 per cent up on the BSE at Rs 1,347.90 Tuesday and the sale of 74,04,932 shares at this price would fetch around Rs 999 crore.

Heineken, UBL's largest shareholder with a 44 percent stake, has reportedly approached SBI for the stake.

Mallya's lawyer Amit Desai said declaring him a fugitive and thereby permitting his assets to be confiscated would only harm the interests of his lenders.

'The application has been sent for a judge on papers decision, which is expected any time between two to four weeks,' a UK court representative said.

The extradition of Mallya has been approved by UK Home Secretary, in a major blow to the liquor baron and boosting India's efforts to bring back the fugitive businessman.

"Modi Government clears one more step to get Mallya extradited while Opposition rallies around the Saradha scamsters," Jaitley tweeted. UK Home Secretary Sajid Javid has ordered the extradition of Mallya on charges of conspiracy to defraud and money laundering offences, the British Home Office said in London.

The UK Home Office confirmed on February 4 that after considering all matters, Javid had signed Mallya's extradition order on February 3.

He is expected to move the UK High Court and has 14 days to appeal against the extradition.

UK Home Secretary Sajid Javid has ordered the extradition of Mallya on charges of conspiracy to defraud and money laundering offences, the British Home Office said in London.

Mallya further said the DRT recovery officer recently attached his group's assets worth over Rs 13,000 crore in India on behalf of the consortium of banks.

BJP spokesperson Sambit Patra said the law was brought in by the present NDA government to ensure that absconders - like Mallya - are brought to justice.

His properties can now be confiscated by the government

To a separate question on absconding billionaire Mehul Choksi, MEA Spokesperson Raveesh Kumar said the CBI and the Enforcement Directorate's request was submitted to the Antigua and Barbuda authorities.

The 63-year-old businessman told reporters soon after the ruling by Westminster Magistrates' Court Chief Magistrate Emma Arbuthnot last week that he would consider the verdict in detail and decide his next course of action.

TLT LLP has been representing the banks in their efforts to recover their dues as part of the worldwide freezing order, with the bankruptcy petition aimed at seizing his assets to recover dues.

TLT LLP, the UK-based law firm which had won a landmark case for the 13 banks led by State Bank of India (SBI) earlier this year, confirmed on Monday that their bankruptcy petition against the 62-year-old businessman has been transferred to the insolvency list in London's High Court of Justice for a hearing in the first half of 2019.

The Enforcement Directorate (ED) had filed an application before the special Prevention of Money Laundering Act (PMLA) Court requesting it that Mallya, facing charges of financial irregularities, be declared a fugitive under the Fugitive Economic Offenders' Act, 2018.

Likening an election loss to a business failure, he recalled how he lost an election when he was all of 26, but underlined that the loss did not mean that his political career ended.

Mallya, who had accused politicians and the media of making him a 'poster boy' of bank default while presenting himself as the victim of a witch hunt, took to Twitter to congratulate the two young leaders of Congress, which defeated the ruling BJP in the assembly elections.

Amit Desai, Mallya's lawyer, had told special judge for Prevention of Money Laundering Act (PMLA) cases that his client did not leave the country secretly as claimed by the ED.