USL fund diversion case: Sebi bans Mallya from accessing capital markets

Three year market ban; Five year ban from taking directorship in listed companies

The Securities and Exchange Board of India (Sebi) on Friday banned beleaguered businessman Vijay Mallya from accessing capital markets for a period of three years in the United Spirits (USL) fund diversion case. The market regulator also barred Mallya and six top USL officials including Ashok Capoor, former president and managing director, from taking directorship position in listed companies.

The case pertains to diversion of Rs 6.6 billion from USL to Mallya-led UB Group companies between 2010 and 2013. Sebi had passed an interim order in the matter in January last year. The order was challenged by Mallya and others