sebi:WTM/GM/EFD/21/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Shri Vijay Mallya shall continue to be restrained from accessing the securities market and dealing in securities for a further period of 3 years and from holding position as Director or Key Managerial Person of a listed company for 5 years from the date of the order.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
- s. 2(51)
Regulations
- Reg. 200
- Reg. 2(c)
- Reg. 30
- Reg. 3(d)
Parties
- Shri Vijay Mallya
- Mr. Ashok Capoor
- Mr. P.A. Murali
- Mr. Sowmiyanarayanan
- Mr. S.N. Prasad
- Mr. Paramjit Singh Gill
- Mr. Ainapur S.R.
Holding
SEBI held that Rs.655.55 Crores was diverted from United Spirits Limited to UB Group entities including Kingfisher Airlines Limited at the behest of Chairman Vijay Mallya, operating as fraud/deceit on public shareholders under Section 12A(c) and PFUTP Regulations, and continued market-access and directorship restraints against him.
Full text
___________________________________________________________________________ Order in the matter of United Spirits Limited Page 2 of 38
___________________________________________________________________________ Order in the matter of United Spirits Limited Page 3 of 38
___________________________________________________________________________ Order in the matter of United Spirits Limited Page 4 of 38
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/GM/EFD/21/2018-19. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.