*The funds were then transferred to UB group companies under instructions from Mallya and other key management persons. "By way of the settlement agreement entered into between Diageo and Mallya, Diageo agreed to pay $ 75 million to Mallya who in turn agreed to resign from his position as chairman and director of USL and also director in other USL group Companies. "One could also see an order against the auditors since SEBI is examining the non-detection of diversion of funds from USL. "Statement from Dr Mallya on SEBI order:I am surprised by these media reports. Neither have I had any communication with SEBI nor have I ever been afforded a hearing before this purported action has been taken.

Source: Economic Times January 25, 2017 14:01 UTC