In a major blow for Vijay Mallya, the Karnataka High Court on Friday issued a bailable warrant against the beleaguered businessman for contempt of court.

The development comes in the wake of India's market regulator, the Securities and Exchange Board of India (Sebi) barring Mallya and six officials of the USL from trading in the securities market with immediate effect.

They were "restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly" by Sebi.

Playing victim, the former liquor baron said that he was "getting used to these witch hunts”.