UB removes Mallya from board

United Breweries has removed Vijay Mallya as director on its board after the Securities Appellate Tribunal (SAT) upheld the market regulator SEBI’s order barring him from holding any office of any listed entities. “The board at its meeting held today has authorised filing of requisite forms/intimations with the Registrar of Companies and other authorities notifying Vijay Mallya's cessation from holding position of director in the company," UBL said. The SEBI had also barred Mallya from accessing the securities’ market. The tribunal said considering the gravity of the matter, SEBI was justified in invoking its extra-ordinary power of passing an ex-parte order. Our Bureau