Top
Millennium Post

Mallya resigns as United Spirits chairman, to move to UK

Liquor baron Vijay Mallya on Thursday quit as chairman of the United Spirits – a company set up by his family but now controlled by global liquor giant Diageo – and would shift to the UK even as his group firms fight the ‘wilful defaulter’ tags given by lenders.

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

Mallya will get USD 75 million (Rs 515 crore) from Diageo as part of an “agreement” for his exit from United Spirits. Besides, Diageo has agreed that Mallya will have no “personal liability” to the UK-based company in relation to the findings of the alleged financial irregularities at the company.
Next Story
Share it