SAT grants more time to Sebi to pass final order in Mallya case

The Securities Appellate Tribunal (SAT) has allowed markets regulator Sebi to pass the final order by May-end in the case of fugitive liquor baron Vijay Mallya.

The regulator had sought more time from the tribunal as personal hearing in the matter was completed only on March 23.

"Since personal hearing etc in the matter was completed only on March 23, 2018, and therefore extension of time is required to complete the proceedings and pass the final order," Sebi told the tribunal.

Accordingly, SAT, in an order dated March 26, extended time to pass appropriate orders in the matter till May 31, this year.

In August last year, Mallya was asked by SAT to appear before Sebi "in person or through a legally authorised representative" to make any submission within 21 days, so that the regulator can consider his plea for relaxing any restrictions imposed through an interim order passed in January 2017 relating to alleged illegal fund diversions at his erstwhile flagship United Spirits Ltd.

Besides, the regulator was asked to pass final orders expeditiously and preferably within a period of four months in the case.

In January 2017, Sebi had barred Mallya and six former officials of USL from securities markets in a case related to illegal fund diversions.

Mallya, who is currently in the UK, has been evading summons from various investigation agencies and courts for many months.