India's markets regulator bars tycoon Vijay Mallya from securities trading for 3 years

United Spirits

26/07/2024 15:00

BENGALURU, July 26 (Reuters) - India's markets regulator
on Friday barred business tycoon Vijay Mallya from trading in
the country's securities market and from associating with any
listed company for three years.
    The Indian government has been trying to extradite Mallya,
68, who lives in Britain, to face charges of fraud resulting
from the collapse of his defunct company Kingfisher Airlines.
    Mallya, who also co-owned the Formula One motor racing team
Force India until 2019, has denied all wrongdoing.
    The Securities and Exchange Board of India said on Friday
that the tycoon's "existing holding of securities including the
holding of units of mutual funds... shall remain frozen".
    Mallya owns an 8.1% stake in Kingfisher beer-maker United
Breweries  UBBW.NS , per exchange data, and is the company's
chairman. He also owns a 0.01% stake in Smirnoff vodka-maker
United Spirits  UNSP.NS .

 (Reporting by Varun Hebbalalu in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((varunvyas.hebbalalu@thomsonreuters.com;))