Sunday, April 26, 2015

United Spirits Limited (USL) board asks Vijay Mallya to quit

World's largest liquor firm Diageo has asked UB Group chairman Vijay Mallya to resign from the board of United Spirits. The board of United Spirits Limited (USL), in which Diageo has bought a controlling 55 per cent stake for about $3 billion, asked Mallya to step down for "various improprieties and legal violations" found in a probe for loans worth Rs 1,337 crore given by USL to UB Group firms.
 In the event Mallya declines to step down, the Board also resolved that it would recommend to the shareholders of the company, the removal of Mallya as a director and as the Chairman of the Board.