Vijay Mallya hits out at Sebi, CBI; says Kingfisher Airlines was a great public utility

Securities and Exchange Board of India (Sebi) on Wednesday barred Vijay Mallya from accessing stock markets in India or holding a director's position in any company in the country. Mallya retorted by saying that he is "kind of" getting used to these witch hunts. 

Mallya said that Kingfisher was a great public utility service connecting India like never before. "It was not my private toy," he said. 

Sebi said that seven people including Kingfisher Airlines owner Vijay Mallya have been restrained from accessing the stock markets on account of fund diversions or improper transactions in the United Spirits Limited (USL). 

The markets regulator has barred these people in the matter of fund diversions and improper transactions in United Spirits Limites (USL), cited the regulator in a release.

Sebi said, "Mallya and the other KMPs i.e. Mr. Ashok Capoor, Mr. P.A. Murali, Mr. Sowmiyanarayanan, Mr. S.N. Prasad, Mr. Paramjit Singh Gill and Mr. Ainapur S.R. are therefore prima facie alleged to have committed fraudulent and unfair activities prohibited under Section 12A(c) of the SEBI Act , 1992 (“SEBI Act”) and Regulations 3(d); 4(1) alongwith 4(2)(e), (f) and (k) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (“PFUTP Regulations, 2003”)."

Reacting to the news, Vijay Mallya said, "CBI alleges diversion of funds OUT of Kingfisher Air.SEBI alleges diversion of funds from USL INTO Kingfisher Air.What joke is this?"

He posted on social media website Twitter, "Allegations of fund diversion out of USL are baseless.USLaccounts were approved by top Auditors,an eminent Board of Directors n shareholders."

He said, "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."