By Express News Service
NEW DELHI: Pressure continues to mount on beleaguered business tycoon Vijay Mallya as the market regulator Sebi restrained him and six other former directors of United Spirits Ltd from accessing the securities markets, in an order passed late on Wednesday.
The markets regulator has said that funds meant for United Spirits Ltd were diverted to Kingfisher Airlines and other UB group companies. It also found violations of the Companies Act and the listing agreement.
In an order, Sebi restrained Mallya and six others from the securities market and from “buying, selling or otherwise dealing in securities in any manner, directly or indirectly” till further directions. The others are: Ashok Capoor, P A Murali, Sowmiyanarayanan, S N Prasad, Paramjit Singh Gill and Ainapur S R.
Sebi Whole Time Member S Raman said the alleged prima facie violations observed are serious and have larger implications on the safety and integrity of the securities market. “Investors might have based their investment decisions on the manipulated books of accounts prepared and presented by these persons,” he said.
