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SEBI widens probe against Mallya

It is looking into the role of United Spirits and Diageo Plc

Policy Pulse
Publish Date: Mar 20 2016 7:39PM | Updated Date: Mar 21 2016 10:42AM

SEBI widens probe against Mallya

 Security and Exchange Board of India (SEBI) has widened its investigation into dealings of Vijay Mallya-led UB Group, after finding evidence of non-compliance to various norms including on insider trading and corporate governance

 
It is likely to  seek information from other regulators in India and overseas, as also from the stock exchanges, as it seeks to probe transactions Mallya had entered into, including for sale of stake and transfer of rights in his numerous group companies.
 
Huge controversy  erupted since last few days after Mallya left India within days of his 'exit deal' with Diageo, which is said to have already paid more than half of the total amount it has to pay to the businessman.
 
SEBI is looking into the role of United Spirits and Diageo Plc, as also that of Mallya and his group companies that are or have been shareholders in India's leading liquor maker.
 
Also under probe are financial dealings entered into by USL, Mallya and several UB Group companies with entities in foreign countries, including those before Diageo buying into the company.