Mallya's son Sidhartha steps down as UBHL director - Firstpost

Mallya's son Sidhartha steps down as UBHL director

New Delhi: Amid growing clamour for recovering over Rs 9,000 crore dues to banks by now-defunct Kingfisher
Airlines, Vijay Mallya-led United Breweries (Holdings) Ltd today said its non-executive, non-independent director Sidhartha V Mallya has vacated the office of director with effect from March 31.

Sidhartha Mallya, Twitter image

Sidhartha Mallya, Twitter image

This development comes days after Mallya, who is believed to be in the UK, took to Twitter to ask people not to target his son Siddharth.

"In terms of the provisions of Section 167(b) of the Companies Act, 2013, Mr Sidhartha V Mallya, a Non-Executive, Non-Independent Director of the Company has vacated the office of Director w.e.f. March 31, 2016," UBHL said in a BSE filing. On Wednesday, on microblogging site Twitter, Vijay Mallya said: "My son Sid @sidmallya does not deserve all this abuse as he had nothing to do with my business. Slam me if you must but not a young man."

Later in that day, liquor baron Vijay Mallya and Kingfisher Airlines Ltd had submitted in a sealed cover a proposal for repayment of Rs 4,000 crore out of the loan amount of Rs 6,903 crore to the consortium of banks led by State Bank of India by September this year.

Along with Mallya and Kingfisher, the proposal was also submitted by United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd.

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