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Markets regulator SEBI has restrained seven persons, including Vijay Mallya, from accessing the securities market and from buying, selling or otherwise dealing in securities in any manner, directly or indirectly.
The Securities and Exchange Board of India has also barred Mallya and Ashok Capoor, former president and MD of United Spirits, from holding position as director or key managerial role in any listed company.
SEBI has given them 21 days to file their reply and indicate whether they wish to avail an opportunity of personal hearing in the matter.
The regulator has also asked United Spirits to report within 21 days action taken to recover ₹1,800 crore from Mallya and the companies to whom such funds were wrongly diverted.
The other key management personnel (KMPs) who have been barred from accessing the market are PA Murali, Sowmiyanarayanan, SN Prasad, Paramjit Singh Gill and Ainapur SR.
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