You are here: Home » PTI Stories » National » News
Business Standard

SAT dismisses Mallya's plea against Sebi order

Press Trust of India  |  New Delhi 

The Securities Appellate Tribunal (SAT) today rejected baron Vijay Mallya's appeal against barring him from the market and asked him to appear before the regulator within three weeks.

The tribunal also dismissed his plea against the order that barred him from holding any board position at listed companies, including as the chairman of his group firm (UBL).

Mallya has been asked by SAT to appear before "in person or through a legally authorised representative" to make any submission within 21 days, so that the regulator can consider his plea for relaxing any restrictions imposed through an interim order passed in January relating to alleged illegal fund diversions at his erstwhile flagship Ltd.

"Thereafter, Sebi shall consider the same and proceed further in the matter and pass final orders expeditiously and preferably within a period of four months in accordance with to give finality to the issue," the tribunal said in its 25-page order.

Sebi is free to relax the restrictions as early as possible and according to the law, if the regulator finds the reply of Mallya appropriate, the tribunal noted.

In January, Sebi had barred Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.

Mallya had resigned as director and chairman of USL in March 2016.

With regard to submission that Mallya be at least allowed to continue as chairman of UBL, the tribunal said this prayer should be considered by Sebi as per on receipt of such a representation.

"... In case Sebi finds merit in the submission of the Appellant, it would be free to grant partial relief to the Appellant in accordance with law," the SAT order said.

Mallya, who is currently in the UK, has been evading summons from various investigation agencies and courts for many months.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 16:32 IST