The fugitive liquor baron Vijay Mallya has received a huge set back from the Securities Appellate Tribunal (SAT). The SAT has rejected Mallya’s appeal against SEBI barring him from the market and ordered him to appear before the regulator within three weeks. The tribunal also further dismissed Vijay Mallya’s plea against the SEBI order that barred him from holding any board position at listed companies, including as the chairman of his group firm United Breweries Ltd (UBL).
He was asked by SAT to appear before SEBI “in person or through a legally authorised representative” to make any submission within 21 days, so that the regulator can consider his plea for relaxing any restrictions imposed through an interim order passed in January relating to alleged illegal fund diversions at his erstwhile flagship United Spirits Ltd.
The liquor baron and fugitive Vijay Mallya, who owes Indian banks over Rs 9,000 crore, fled India last year in March and has been residing in Britain, since then and has been evading summons from various investigation agencies and courts.
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