United Breweries Directs Mallya To Step Down

Vijay Mallya. (File Photo: IANS) by .
Vijay Mallya (File Photo: IANS)

India’s largest beer maker United Breweries has directed tycoon Vijya Mallya to step down from its board as non-executive Chairman….reports Asian Lite News

Vijay Mallya. (File Photo: IANS) by .
Vijay Mallya (File Photo: IANS)

“We are compelled to request you to step down from the Board of United Breweries Ltd with immediate effect,” said Company Secretary and Vice President-Legal Govind Iyengar in an email to Mallya.

The board’s directive was made to comply with the stock market regulator Securities and Exchange Board of India’s (SEBI) January 25 order and in the absence of stay or vacation on it.

The market watchdog had restrained Mallya from holding the position as a Director or a key managerial position of the group’s listed companies.

The Bombay Stock exchange (BSE) and the National Stock Exchange (NSE) had also sought from the company the status of compliance with the SEBI order.

“The independent and other directors, present at the board meeting in Mumbai on February 6, had resolved not to send notices and agenda relating to board meetings or other privileged information to Mallya till he obtains stay on the SEBI order,” said the company in a regulatory filing to both BSE and NSE.

The flamboyant 61-year-old Mallya is reported to be in Britain since he left India on March 2, 2016, after the consortium moved a tribunal in February last year to expedite hearing on its debt recovery petition.

The board’s directive to Mallya came a day after the Karnataka High Court on Tuesday ordered winding up of the group’s United Breweries (Holdings) Ltd to recover dues of its now-defunct Kingfisher Airlines Ltd.