Liquor baron Vijay Mallya, on Thursday, quit as Chairman of
United Spirits – a company set up by his family but now controlled by global
liquor giant Diageo – and will shift to UK, even as his group companies 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 from my position with immediate effect.Vijay Mallya
He further said while announcing his resignation:
I am pleased to have been able to agree on 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.
The development followed three state-run banks – Punjab National Bank, United Bank and SBI – declaring him, his group holding company United Breweries Holdings Ltd and long-defunct Kingfisher Airlines as wilful defaulters.
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