NEW DELHI: The Securities and Exchange Board of India (Sebi)on Friday banned fugitive businessman Vijay Mallya from trading in securities market and being associated with any listed company for a period of three years.
The authorities have been making efforts to bring back Mallya, who is currently residing in Britain. Mallya faces allegations of fraud in connection with the downfall of his now-defunct airline, Kingfisher Airlines.
Mallya, aged 68, previously co-owned the Formula One racing team Force India until 2019 and has denied all wrongdoings.
According to the Sebi the fugitive tycoon’s “existing holding of securities including the holding of units of mutual funds… shall remain frozen,” as per Reuters reported.
According to stock exchange data, he holds an 8.1% stake in United Breweries, the maker of Kingfisher beer, and serves as the company’s chairman. Additionally, he possesses a 0.01% stake in United Spirits, the producer of Smirnoff vodka.
The authorities have been making efforts to bring back Mallya, who is currently residing in Britain. Mallya faces allegations of fraud in connection with the downfall of his now-defunct airline, Kingfisher Airlines.
Mallya, aged 68, previously co-owned the Formula One racing team Force India until 2019 and has denied all wrongdoings.
According to the Sebi the fugitive tycoon’s “existing holding of securities including the holding of units of mutual funds… shall remain frozen,” as per Reuters reported.
According to stock exchange data, he holds an 8.1% stake in United Breweries, the maker of Kingfisher beer, and serves as the company’s chairman. Additionally, he possesses a 0.01% stake in United Spirits, the producer of Smirnoff vodka.
#Sebi #bars #Vijay #Mallya #trading #Indian #securities #markets #years #Times #India
