Mallya moves SAT against Sebi's ban for diverting funds worth Rs 1,880 cr

Regulator gave 21 days for USL to provide information on steps taken by the company to recover funds

Beleaguered liquor baron Vijay Mallya has moved the Securities and Appellate Tribunal (SAT) challenging the markets regulator’s order barring him from the securities market for allegedly diverting Rs 1,880 crore from United Spirits (USL).

The Securities and Exchange Board of India (Sebi) had on January 25 passed an order against Mallya and six other entities for violating Sebi’s (Prohibition of Fraudulent and Unfair Trade Practices) regulations.

SAT adjourned the hearing on Friday. This is the second time Mallya’s case has been adjourned by the appellate tribunal. 

The regulator had given 21 days for USL to provide information on the steps taken by the