New Delhi: The Court of Appeals on Friday dismissed Vijay Mallya’s appeal for the liquor baron fugitive against Sebi, which barred him from leaving the market and asked him to appear before the regulator in three weeks.
The court also dismissed his allegation against Sebi’s order prohibiting him from holding a position in listed companies, including as chairman of his group company United Breweries Ltd (UBL).
The SAT has asked Sally to appear before Sebi “in person or through a legally authorized representative” to make any filing within 21 days, so that the regulator can consider its request to relax any restrictions imposed by a provisional order Adopted in January on alleged deflections of illegal funds on its former flagship United Spirits Ltd.
“From then, Sebi will consider the same and will continue in the matter and will pass the final orders of expeditious and preferable way within a period of four months according to the law to give definitive character to the subject”, said the court in its Order of 25 pages.
Sebi is free to relax restrictions as soon as possible and in accordance with the law, if the regulator finds the appropriate Mallya response, said the court.
In January, Sebi had banned Mallya and six former USL stock exchange officials in a case related to illegal diversions of funds. Mallya had resigned as director and president of USL in March 2016.
As for the submission that at least Mallya should continue as chairman of the UBL, the court said that this sentence should be considered by Sebi under the law upon receiving such representation.
“… in the event that Sebi finds merit in the submission of the Appellant, he would be free to grant partial relief to the Appellant in accordance with the law,” said the SAT order.
Mallya, who is currently in the UK, has been circumventing citation from several investigative agencies and courts for many months.
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