Sebi had also restrained Vijay Mallya and six others from the securities market and buying, selling or otherwise dealing in securities. Photo: MintNew Delhi: United Breweries Ltd (UBL) had stopped sharing company-related information with erstwhile chairman Vijay Mallya since February after Sebi restrained the fugitive liquor tycoon from holding position as director or key managerial personnel in any listed firm. “Effectively through these measures, Mallya was restrained from acting as a director in the company, in accordance with Sebi order. Further, by a separate communications, Mallya was requested to step down from the board with immediate effect until the Sebi order is stayed or vacated,” UBL said. On 4 August, UBL said Sebi issued another letter observing that Mallya still continued to be disclosed as non- executive director and chairman of UBL on the BSE website.

Source: Mint August 13, 2017 06:45 UTC