Studying Sebi order, USL tells BSE

Studying Sebi order, USL  tells BSE

United Spirits (USL) on Friday said that it is studying the Securities and Exchange Board of India (Sebi) order enquiring about the steps taken to recover the funds allegedly diverted by its former Chairman Vijay Mallya.

The market regulator asked USL to report steps taken to recover from “Mallya and the companies to whom such funds were wrongly diverted, which have been reported as diversion under the PwC Report — Rs 655.55 crore and under the E&Y Report — Rs 1,225.24 crore.”

Both the PwC as well E&Y reports were commissioned by USL as part of its enquiry on fund diversions by Mallya along with six former directors — along with Ashok Capoor, P A Murali, Sowmiyanarayanan, S N Prasad, Paramjit Singh Gill and Ainapur S R.

“The Sebi has issued an ad interim ex-parte order asking the company to respond to Sebi in the matter within 21 days of the receipt order. The company is studying the order and will submit the responses to the Sebi by due date,” USL said in a statement to the BSE on Friday.

The Sebi had restrained Mallya along with six directors from the securities market in an order issued on January 25.

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