SEBI Widens Probe Into Vijay Mallya-Owned Firms’

Finding prima facie evidence of non-compliance to various norms including on insider trading and corporate governance, Sebi has widened its probe into dealings of Vijay Mallya-led UB Group, including in its own shares and with UK-based Diageo and other foreign players. The capital markets watchdog may also seek information from other regulators in India and abroad, as also from the stock exchanges, as it seeks to de-clog the complex transactions Mallya had entered into, including for sale of stake and transfer of rights in his various group companies. Details and clarifications have also been sought from all the concerned parties including the present and erstwhile UB Group firms as well as from the foreign companies with whom Mallya had dealt with for sale of controlling stake in United Spirits Ltd to Diageo, a senior official said. Sebi began looking into Mallya-Diageo transactions last month soon after the flamboyant businessman inked a Rs 515- crore ‘sweetheart deal’ to exit United Spirits, suspecting possible violations of corporate governance and other norms. Regulatory sources said that Sebi has found prima-facie evidence of non-compliance to various transactions, while it has also stepped up its cooperation with other regulators and agencies that are separately looking into alleged violations in relation to the massive loans taken by the erstwhile Kingfisher Airlines of UB Group.

Subscribe to Times Now | Click Here ►

‘Download the official TIMES NOW mobile app – Give a missed call on 1800 4190 300. Stay updated, stay ahead.’

Subscribe Now To Our Network Channels :-
The NewsHour Debate :
ET Now :

To Stay Updated Download the Times Now App :-
Android Google Play :
Apple App Store :

Social Media Links :-
Facebook –
G+ –
Twitter –
Also visit our website –

Leave a Comment