Vijat Mallya in his capacity as chairman of USL was instrumental in the diversion of funds from USL, Sebi said. ALSO READ | CBI charges Vijay Mallya with fraud, criminal conspiracy“I’m surprised by these media reports. “I have always strongly denied all allegations made by USL (United Spirits Ltd,” he added. ALSO READ | Vijay Mallya case: CBI seeks judicial custody of ex-IDBI chairman, othersThe diverted amounts were included as provisions in the financial statements, according to the Sebi order. ALSO READ | Vijay Mallya case: CBI arrests former IDBI Bank chairman, 7 othersDiageo had completed purchase of a majority stake (54.7%) in United Spirits in July 2014.

Source: Mint January 25, 2017 15:55 UTC