India: United Breweries to seek legal advice following SEBI restraining Vijay Mallya from holding key position in any listed company

United Breweries Ltd said on January 27 that it is seeking legal advice for its next course of action following the Securities and Exchange Board of India’s (SEBI) restraining its Chairman Vijay Mallya from holding position as director or key managerial position in any listed company, the Economic Times reported.

In a regulatory filing, UBL said the compliance of the SEBI order "as may be required in so far as it concerns United Breweries Ltd has to be carried out by Dr Mallya himself".

"The company is in process of taking legal advice on the next course of action that it has to take as a consequence of the order and shall act suitably," the company said in a clarification sought by stock exchanges.

SEBI's order dated January 25, 2017 is a direction to Dr Vijay Mallya and others in their respective capacities, it added.

The market regulator has barred Mallya along with Ashok Capoor from "holding position as directors or key managerial persons (KMPs) of any listed company".

SEBI has also restrained Mallya along with Ashok Capoor, P A Murali, Sowmiyanarayanan, S N Prasad, Paramjit Singh Gill and Ainapur SR from the securities market and also from "buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly" till further directions.

Moreover, the regulator has also asked Diageo-controlled United Spirits Ltd (USL) to file a report with regard to action taken against Mallya and former Chairman Vijay Mallya and six former directors within 21 days.

27 January, 2017