• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Vijay Mallya barred from securities market for 3 years

|

Fugitive businessman Vijay Mallya has been barred by SEBI from the securities market for another three years as also from holding directorship in listed companies for five years in the case of illegal fund diversions at United Spirits Ltd.

Vijay Mallya

Besides, the watchdog has imposed a one-year ban on two former company officials -- Ashok Capoor and P A Murali.

Through an interim order in January 2017, the regulator had barred Mallya and six former officials of United Spirits, including Capoor and Murali, from the securities markets in the case related to illegal fund diversions.

In a 38-page order, Sebi said it has banned Mallya for three years from the securities market.

He has also been barred from "holding position as director or key managerial person of a listed company for a period of five years", it added.

Capoor and Murali have been restrained from holding directorship or key managerial positions for one year.

"In the context of diversion of funds perpetrated in a listed company by way of dubious and concealed financial statements/ projections or false books of accounts, it is inevitable that Sebi should step in and take appropriate action..," Sebi Whole Time Member G Mahalingam said in the order.

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more