United Breweries faces Sebi action for 'flouting' order on Vijay Mallya

Heineken owns 43% of UB now; Mallya and his holding companies hold 30%

The Securities and Exchange Board of India (Sebi) is planning action against United Breweries (UB) for failing to comply with the order barring Vijay Mallya, still chairman of the latter, from holding any key positions in listed companies.

Sources say there could be strictures against UB under Clause 49 of the listing agreement, which allows suspension of trading and a monetary penalty. The role of independent directors (IDs) has also come under the scanner.

Earlier this year, the markets regulator had barred Mallya from any board position or acting as a key managerial person in listed entities. And, from accessing the securities