Mallya's counsel Darius Khambata had sought that he be allowed to be chairperson of UBL, at least. The amounts were disclosed as amounts provided for among other things, working capital requirement, enhancement of capacities and lease deposits. But Mallya had chosen to appeal against the SEBI order. The regulator had then "sought information from USL and based on the information supplied by USL, SEBI passed the impugned order, with no formal investigation,'' it was argued. Dada said that SEBI "went minutely'' through the statutory auditor's report, report by PWC-UK and also report by the E&Y.

Source: Times of India August 12, 2017 00:45 UTC