"Neither have I had any communication with SEBI nor have I ever been afforded a hearing before this purported action has been taken. On the same date, USL and Mallya entered into an agreement wherein they agreed to a mutual release in relation to matters arising out of the Initial Inquiry by USL. "Diageo and USL agreed with UBHL and Kingfisher Finvest India Limited to terminate the Shareholder's Agreement entered into between the parties on November 9, 2013. "Investors might have based their investment decisions on the manipulated books of accounts prepared and presented by these persons. The chargesheet names Mallya, Kingfisher and nine others, including the then IDBI Chairman Yogesh Aggarwal who was arrested on Monday, in the 2015 loan default case.

Source: Economic Times January 26, 2017 12:01 UTC