The probe agency, which comes under the corporate affairs ministry, has come across various violations of companies law in the case related to Kingfisher Airlines, which was grounded in 2012.

A Special Court, constituted under the Companies Act, in Bengaluru has directed issuance of arrest warrants against Mallya and 18 others, according to a court document.

Mallya, who has been based in the UK for a long time, is wanted in India for Kingfisher Airlines' default on loans worth nearly Rs 90 billion and some other matters.

As per the document, the amount involved in the case is heavy and that warrant has to be issued against all the accused.

Besides, the court has ordered registering of a "special criminal case" against the 19 entities.

Following its investigation, the SFIO had red-flagged a slew of violations of companies law by Mallya, Kingfisher Airlines and officials, including serious corporate governance lapses, sources had said.

Among others, the probe agency had recommended examining the role of some banks as well as bank officials in sanctioning credit facilities to the airline apart from action against promoter directors, they had said.

The ED and the Central Bureau of Investigation (CBI) have already filed their separate charge sheets against the businessman and other accused.

The extradition trial of Mallya is going on in a UK court.

Last August, the SFIO was given powers to arrest people for violations of companies law after the ministry notified relevant provisions.