Zee Media Bureau
New Delhi: The National Stock Exchange (NSE) on Wednesday asked the United Spirits Limited (USL) to make public the inquiry report on alleged fund diversion to Vijay Mally's UB Group. However, the company refused citing 'confidentiality'.
Replying to the demand, USL said the role of individuals involved in irregularities were not determined and that if any transaction, it would be reported to relevant authorities.
Vijay Mallya and USL have been in the limelight recently following the allegations that the promoter had diverted funds from the now-owned Diageo Plc company to the grounded Kingfisher Airlines and other UB Group entities.
Alleging fund diversions, United Spirits' new own Diageo had recently asked Vijay Mallya to step down at the Chairman and Director of the Indian liquor firm.
Diageo, which has bought controlling stake in United Spirits from UB Group, asked Mallya to step down following "various improprieties and legal violations" were found after a probe it conducted into loans given by USL to various UB Group companies. However, Mallya refused to resign and said the inferences and allegations are unjustified and false.
USL, the erstwhile flagship firm of Mallya-led UB Group, has already seen a number of exits from its board and top management since the probe was launched by UK-based Diageo.
