News Karnataka
Thursday, April 25 2024

Indian tycoon Mallya resigns as chairman of United Spirits

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Bengaluru/Mumbai: Liquor baron Vijay Mallya on Thursday quit as chairman of United Spirits and would now shift to the UK leaving his group firm fight the ‘willful defaulters’ tag.

He would be replaced by Mahendra Kumar Sharma, non-executive director and chairman of audit committee.

The company was set up by his family, but is now controlled by global liquor giant Diageo. Mallya’s exit from the board of United Spirits ends a long-drawn tussle between him and Diageo following allegations of irregularities on loans given to UB Group companies.

“The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo and United Spirits Ltd. Accordingly, I am resigning my position with immediate effect,” Mallya said in a statement announcing his departure from the company.

He further said: “I am pleased to have been able to agree terms with Diageo and USL. The agreement we have reached secures my family legacy.”

Commenting on his future course of action, Mallya who agreed to a global, excluding United Kingdom, 5-year non-compete arrangement with Diageo, said: “Having recently turned 60, I have decided to spend more time in England, closer to my children.”

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