New Delhi : United Breweries Ltd (UBL) had stopped sharing company-related information with erstwhile chairman Vijay Mallya since February after Sebi restrained the fugitive liquor tycoon from holding position as director or key managerial personnel in any listed firm. According to a regulatory filing by UBL, although the cessation of Mallya’s directorship was communicated to authorities last week, he was asked to step down from the board much earlier this year.
The independent directors at their meeting on February 6 had decided not to send notices and agenda related to board meetings and other “privileged information” till the time Sebi order remained in force, it said. Two days later, the company’s board of directors met and took on record the minutes of meetings of the independent directors. “Effectively through these measures, Mallya was restrained from acting as a director in the company, in accordance with Sebi order. Further, by a separate communication, Mallya was requested to step down from the board with immediate effect until the Sebi order is stayed or vacated,” UBL said. As the Sebi order was not vacated, in July, the board had asked Mallya and his associate companies to nominate a director in his place in terms of article of association of the company.
On August 4, UBL said Sebi issued another letter observing that Mallya still continued to be disclosed as non- executive director and chairman of UBL on the BSE website. The markets regulator had sought information on what steps were taken regarding the order prohibiting him from holding any position as director in any listed company.