Usl Fund Diversions

The Central Bureau of Investigation or CBI has filed an a fresh case against Mr Mallya, alleging fund diversion from Kingfisher Airlines.

Sebi has restrained Mr Mallya and six others from the securities market and also from "buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly" till further directions.

United Spirits had in July made it clear that an earlier settlement reached with ex-chairman Vijay Mallya would not absolve him of the claims arising out of the new findings of an internal 'Additional Inquiry'.

In mounting troubles for embattled businessman Vijay Mallya, the Securities and Exchange Board of India (Sebi) has stepped up its probe into alleged fund diversion from his erstwhile listed group firms to other entities, including some abroad and his various sport ventures.

United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya.

A day after United Spirits disclosed Rs 1,225 crore fund diversion by the erstwhile promoters to entities linked to Vijay Mallya, the embattled businessman today said all transactions were "legal and above board" and the company was now making "unfounded allegations".

In fresh troubles for Vijay Mallya, his erstwhile group firm United Spirits on Saturday disclosed Rs 1,225.3 crore worth fund diversion and improper transactions with entities associated with the beleaguered businessman including Kingfisher Air and his Formula One team.

Once a flagship firm of Mallya group, United Spirits Ltd (USL) is now controlled by British liquor giant Diageo.

United Spirits, controlled by the UK's Diageo group, on Thursday alleged irregularities and potential violations of law in diversion of funds by the firm's erstwhile promoter Vijay Mallaya-led UB Group and said it was initiating the process to recover dues totaling Rs 1,337 crore.

In a fresh twist to the boardroom battle at Diageo-owned United Spirits, National Stock Exchange or NSE has asked the company to make public its inquiry report on alleged fund diversion to Vijay Mallya's UB Group, but the liquor maker has rejected the demand citing 'confidentiality'.

Alleging fund diversion to Kingfisher and other UB group entities, United Spirits' board yesterday asked Mr Mallya to quit the board. The company said it has "lost faith" in Mr Mallya and would go to shareholders if he refuses to resign.

The Central Bureau of Investigation or CBI has filed an a fresh case against Mr Mallya, alleging fund diversion from Kingfisher Airlines.

Sebi has restrained Mr Mallya and six others from the securities market and also from "buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly" till further directions.

United Spirits had in July made it clear that an earlier settlement reached with ex-chairman Vijay Mallya would not absolve him of the claims arising out of the new findings of an internal 'Additional Inquiry'.

In mounting troubles for embattled businessman Vijay Mallya, the Securities and Exchange Board of India (Sebi) has stepped up its probe into alleged fund diversion from his erstwhile listed group firms to other entities, including some abroad and his various sport ventures.

United Spirits Ltd (USL) said an additional inquiry into its past financial statements has uncovered actual and potential fund diversions linked to its former chairman Vijay Mallya.

A day after United Spirits disclosed Rs 1,225 crore fund diversion by the erstwhile promoters to entities linked to Vijay Mallya, the embattled businessman today said all transactions were "legal and above board" and the company was now making "unfounded allegations".

In fresh troubles for Vijay Mallya, his erstwhile group firm United Spirits on Saturday disclosed Rs 1,225.3 crore worth fund diversion and improper transactions with entities associated with the beleaguered businessman including Kingfisher Air and his Formula One team.

Once a flagship firm of Mallya group, United Spirits Ltd (USL) is now controlled by British liquor giant Diageo.

United Spirits, controlled by the UK's Diageo group, on Thursday alleged irregularities and potential violations of law in diversion of funds by the firm's erstwhile promoter Vijay Mallaya-led UB Group and said it was initiating the process to recover dues totaling Rs 1,337 crore.

In a fresh twist to the boardroom battle at Diageo-owned United Spirits, National Stock Exchange or NSE has asked the company to make public its inquiry report on alleged fund diversion to Vijay Mallya's UB Group, but the liquor maker has rejected the demand citing 'confidentiality'.

Alleging fund diversion to Kingfisher and other UB group entities, United Spirits' board yesterday asked Mr Mallya to quit the board. The company said it has "lost faith" in Mr Mallya and would go to shareholders if he refuses to resign.