Former liquor baron Vijay Mallya wasn't too pleased when market regulator Sebi barred him from the stock market and holding any position of a director in a listed company for "fraudulently" diverting funds from United Spirits to another entities within the UB Group.
Venting out in a series of tweets, Mallya said the allegations of fund diversion out of USL were baseless and that USL accounts were approved by top auditors, an eminent board of directors and shareholders. "CBI alleges diversion of funds OUT of Kingfisher Air. SEBI alleges diversion of funds from USL INTO Kingfisher Air. What joke is this?" Mallya said on Twitter. "I am kind of getting used to these witch hunts coming from all directions with no legal basis whatsoever. Shows what govt machinery can do."
Sebi also directed USL to initiate action against Mallya who fled the country to avoid arrest, and UB Group companies to which funds were wrongfully diverted by him. It barred six other people including Ashok Capoor and VK Rekhi, both former MDs of USL, from the market. "For 30 years I built the world's largest spirits company and India's largest brewing company. Also launched the finest airline. This is what I get," Mallya tweeted. "Kingfisher was a great public utility service connecting India like never before. It was not my private toy."
The market regulator has also instructed USL to report to it within 21 days, about action against Mally, Capoor, and others.
