Poddar had earlier said he would sell his stake in Mangalore Chemicals to the highest bidder.
The battle for the takeover of MCFL has been going on for one year.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
Creditors are fighting to get back Rs 600 crore, KFA employees not paid for months.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Deepak Fertiliser's promoter might offer to buy Saroj Poddar's stake.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
Through the UB Group, Mallya holds 21.98 per cent stake in MCF.
Sebi asked to reconsider open offer nod as KFA was identified as wilful defaulter.
After being forced to resign as chairman of MCF, Mallya is now keen on increasing his stake in the company
Poddar-Mallya agreement on running MCF likely to be re-worked.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
Tendering the shares in an open offer will lead to higher taxation.
At 15.05 PM, the 30-share Sensex was up 281 points at 28,238 and the 50-share Nifty gained 86 points at 8,577
Indian billionaires do not believe in sitting on their wealth.
