The stock moved higher by nearly 8% to Rs 885 on the BSE after a nearly 1% of the total equity of the company changed hands via block deal.
Mallya's speech on Wednesday was read in absentia to shareholders by company director Chug Yogendra Pal, who chaired the AGM
Shares of the company were trading at Rs 29.80 per scrip on the BSE, up 0.34 per cent
Q1 profits up 20% on higher sales of beer, cost cutting
It had posted a net profit of Rs 122.14 crore in the April-June period a year ago
Sebi norms do not permit wilful defaulters to hold board positions at listed companies
Thus far in 2016, the stock underperformed the market by falling 24% as compared to 2% decline in Sensex.
Ricoh India is locked in lower circuit of 5% at Rs 272, falling 52% from Rs 569 since March 18, on the BSE.
Last week, Heineken International consolidated its stake in UBL by picking up over 21 lakh shares of the firm for Rs 179 crore