E-Malt.com News article: India: Vijay Mallya no longer director of United Breweries Ltd

United Breweries Ltd (UBL) said on August 10 its Chairman Vijay Mallya has ceased to be director of the company following market regulator Sebi's order against him, Press Trust of India reported.

On January 25 this year Sebi had restrained Mallya from holding position as director or key managerial personnel of any listed company which has not been vacated till date, UBL said in a regulatory filing.

"The board at its meeting held today (August 10) has authorised filing of requisite forms/intimations with the Registrar of Companies and other authorities notifying Vijay Mallya's cessation from holding position of director in the company," it said.

In January, the Securities and Exchange Board of India (SEBI) had restrained Mallya and six others 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.

The market regulator's order was issued close on the heels of CBI naming Mallya, Kingfisher Airlines and eight others in a chargesheet related to loan default case.

Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore (including interest) to various banks, had fled India on March 2, 2016.

The CBI has two cases against him - one related to the IDBI Bank case and the other related to a loan default of over Rs 6,000 crore filed on the basis of a complaint from a State Bank of India led consortium.

On August 11, the Securities Appellate Tribunal upheld the order passed by Securities and Exchange Board of India (SEBI) barring Vijay Mallya from holding any board position or act as a key managerial person in a listed company in the country.


11 August, 2017