Photo: PTIMumbai: The Securities Appellate Tribunal (SAT) on Friday dismissed Vijay Mallya’s appeal against the Securities and Exchange Board of India’s (Sebi) interim order which had barred him from accessing the capital markets. His appeal said that Sebi has based its order on two forensic audit reports and without its own investigations. SAT said that considering the gravity of the situation (allegations of diversion of funds) Sebi was justified in using its powers under Section 11 (B) to pass an interim order. In reply, SAT asked Mallya to make a representation to Sebi, which the regulator would consider on its merits. On Thursday evening, UBL had informed the stock exchanges that Vijay Mallya has ceased to be the director of the company.

Source: Mint August 11, 2017 20:15 UTC