On Friday, the Securities and Exchange Board of India (SEBI) imposed a three-year ban on business tycoon Vijay Mallya from trading in the country's securities market.
The ban also prevents Mallya from associating with any listed company during this period.
The decision comes amid ongoing efforts by the Indian government to extradite Mallya, 68, from Britain, where he currently resides, to face fraud charges related to the collapse of his now-defunct airline, Kingfisher Airlines.
Mallya has consistently denied any wrongdoing.
SEBI's order also mandates that Mallya's current holdings in securities, including mutual fund units, remain frozen. Mallya holds an 8.1% stake in United Breweries, the maker of Kingfisher beer, where he serves as chairman. Additionally, he owns a 0.01% stake in United Spirits, the producer of Smirnoff vodka.
This action is part of a broader legal and regulatory effort to hold Mallya accountable for his financial dealings and the subsequent fallout from Kingfisher Airlines' collapse.