'Used to these witch hunts with no legal basis': Mallya after barred by SEBI

Liquor baron Vijay Mallya on Thursday

rubbished the SEBI's allegations of indulging in fraudulent activities and said that he is getting used to these witch hunts coming from all directions with no legal basis whatsoever.

"Allegations of fund diversion out of USL are baseless. USL accounts were approved by top Auditors, an eminent Board of Directors in shareholders," Mallya said, adding this shows what government machinery can do.

Mallya, who has been accused of diversion of funds from Kingfisher Airlines, tweeted, "CBI alleges diversion of funds OUT of Kingfisher Air. SEBI alleges diversion of funds from USL INTO Kingfisher Air. What joke is this?"

"For 30 years I built the world's largest spirits company in India's largest brewing company. Also launched the finest Airline. This is what I get?," he added.

Earlier on Wednesday, market regulator SEBI barred Mallya from the stock market for fraudulently diverting about Rs. 1,881 crore from United Spirits (USL) to various other entities within the UB Group, including now grounded Kingfisher Airlines (KFA).

It also instructed USL to report to SEBI, within 21 days, about the action it has initiated against Mallya, Capoor and others.

Along with Mallya, SEBI also barred another six people including Ashok Capoor and V K Rekhi, both former MDs of USL from the market. Capoor has also been barred from directorship of any listed company.