Contact Your Financial Adviser Money Making MC
27
January 2017
After
India's market regulator Sebi barred Vijay Mallya from trading in the
securities market for allegedly diverting funds from the United Spirits Ltd
(USL) in his capacity as its Chairman, the beleaguered businessman said on
Thursday he is "getting used to these witch hunts". The Total Investment & Insurance
Solutions
"I
am kind of getting used to these witch hunts coming from all directions with no
legal basis whatsoever. Shows what government machinery can do," Mallya
tweeted. The Total Investment &
Insurance Solutions
He said
that the allegations of fund diversion out of the USL are "baseless".
"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 wrote.
"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?" he
said.
He
added that Kingfisher was a "great public utility service connecting India
like never before".
"It
was not my private toy," he said.
The Total Investment & Insurance Solutions
India's
market regulator, the Securities and Exchange Board of India (Sebi), on
Wednesday barred Mallya and six officials of the USL from trading in the
securities market with immediate effect.
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