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SEBI Order: Vijay Mallya & 6 Others Restrained from Accessing Securities Market

Securities and Exchange Board of India(SEBI) order dated 25th January 2017

- BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI
CORAM: S. RAMAN, WHOLE TIME MEMBER
- UNDER SECTIONS 11(1), 11(4) AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992.
- IN THE MATTER OF FUND DIVERSIONS AND/OR IMPROPER TRANSACTIONS IN UNITED SPIRITS LIMITED – 

Only the order is given below and rest contents is available at link

4.1 In view of the foregoing, I, in exercise of the powers conferred upon me in terms of Section 19 read with Sections 11(1), 11(4)(b) and 11B of the SEBI Act, issue the following directions –

i. The following persons are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly, –
vijay mallya sebi

ii. The following persons are restrained from holding position as Directors or Key Managerial Persons of any listed company

vijay mallya sebi

iii. The aforementioned persons may file their replies to SEBI within 21 days from the date of receipt of this Order. They may also indicate in their replies whether they wish to avail an opportunity of personal hearing in the matter.

4.2 USL shall, within 21 days from the date of receipt of this Order, provide SEBI with the following information –
i. Action(s) taken against the persons mentioned at paragraph 4.1(i); 
ii. Steps taken to recover the following amounts (from Dr. Vijay Mallya and the companies to whom such funds were wrongly diverted), which have been reported as diversion, –
a. Under the PWC–UK Report i.e. Rs. 655.55 Crores and
b. Under the E&Y Report i.e. Rs. 1225.24 Crores.
4.3 The above directions shall come into force with immediate effect and shall be in force till further directions.

4.4 This Order is without prejudice to the right of SEBI to take any other action that may be initiated against the persons/entities covered under this Order, in accordance with law.

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