Sebi Directs Mallya, Chhabria To Offload Stake In Herbertsons

The Securities and Exchange Board of India (Sebi) Wednesday directed Vijay Mallya and the Chhabria brothers, Kishore and Manu, along with persons acting in concert with both sides, to bring down their shareholding in Herbertsons Ltd through an open offer to the public.

Sebi directed Vijay Mallya and persons acting in concert with him to bring down their stake to 21.38 per cent, and the Chhabria brothers to reduce theirs to 10 per cent.

According to the Sebi order, Mallya, along with persons acting in concert with him, has a 30.22 per cent holding in Herbertsons while the Chhabria brothers have a 47.48 per cent holding between them.

 

In two separate orders, Sebi said each party had violated provisions of Sebi