New Delhi: In brewing troubles for Diageo, markets regulator Sebi is mulling directi+ from whom it had acquired shares under an open offer in 2013 to compensate them for some ‘preferential’ treatment to the erstwhile promoter Vijay Mallya.
Diageo contests this demand and plans to file an appeal. However, the regulatory sources said that Sebi is prima facie of the view that the interest of the minority investors was compromised because of non-disclosure of certain deals including about some loan guarantees that Diageo had entered into with Mallya while acquiring his controlling stake in USL .
Years after signing the multi-billion dollar takeover transaction with Mallya, Diageo is facing regulatory troubles on multiple fronts and is also at the loggerheads with the embattled businessman himself despite a $75-million sweetheart deal it offered him earlier this year.
While Sebi and various other agencies are already probing Mallya and his various group companies for multiple regulatory lapses and defaults, the market’s regulator sent a further notice to Diageo last month. PTI
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