Diabytes
USL board News
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The ICAI has powers to initiate disciplinary action against auditors if they are found to have indulged in malpractices.
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Mallya also said that only "shareholders can 'oust' a Director" and he would continue to function as USL Chairman "in the normal manner".
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However, Mallya refused to resign and said the inferences and allegations are unjustified and false.
Diageo, the world's largest spirits maker on Saturday asked Vijay Mallya to resign from the board of United Spirits (USL).
The Board of United Spirits Ltd, now controlled by Diageo, has ordered a probe into the loans given by United Spirits to UB Group companies as it posted a whopping net loss of Rs 4,488.77 crore for the financial year ended March 31, 2014.
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