United Breweries asks Vijay Mallya to step down from board

The move by the board of United Breweries, which makes and sells Kingfisher beer in India, follows a regulatory order and a meeting of its independent directors, the company said in a filing with the stock exchanges late on Wednesday.

Reuters February 10, 2017 08:31:41 IST
United Breweries asks Vijay Mallya to step down from board

United Breweries, India's top brewer which is part-owned by global giant Heineken NV, has asked liquor tycoon Vijay Mallya, its non-executive chairman, to step down from the board, the company said.

Mallya, mired in a growing series of legal battles following the collapse of his Kingfisher airline, was last month charged with conspiracy and fraud by India's Central Bureau of Investigation.

The move by the board of United Breweries, which makes and sells Kingfisher beer in India, follows a regulatory order and a meeting of its independent directors, the company said in a filing with the stock exchanges late on Wednesday.

United Breweries asks Vijay Mallya to step down from board

Vijay Mallya. Reuters

A spokesman for Heineken told Reuters it was not involved in the decision which was taken independently by the board of United Breweries. He declined to comment on whether Heineken had been in touch with Mallya over the issue.

A spokesman for Mallya could not immediately be reached for comment.

Mallya, the head of the Force India Formula One team and a former owner of an Indian Premier League cricket team, moved to Britain in March 2016 after being pursued in courts by banks seeking to recover about $1.4 billion the Indian authorities say is owed by his Kingfisher airline.

India's capital markets regulator has barred Mallya from participating in the country's securities market for having allegedly diverted funds from whiskey maker United Spirits.

On Thursday, the Indian government said it has applied to Britain to extradite Mallya to face trial.

Mallya, along with some of his other ventures, held a roughly 30 percent stake in United Breweries as of the quarter ended 31 December, 2016, according to securities data.

Heineken, which owns 43.7 percent of the Indian brewer, said the company was happy with its current shareholding, but would look at increasing its stake if an opportunity arose.

Updated Date:

also read

IPL 2021: Three wins from eight matches, a recap of Punjab Kings' campaign so far
First Cricket News

IPL 2021: Three wins from eight matches, a recap of Punjab Kings' campaign so far

With IPL 2021 set to resume from 19 September in the UAE, the KL Rahul-led Punjab Kings find themselves in the sixth spot on the table after three wins and five defeats.

Lasith Malinga retires: 'Happy retirement, Yorker King', Twitter reacts to Sri Lanka legend's announcement
First Cricket News

Lasith Malinga retires: 'Happy retirement, Yorker King', Twitter reacts to Sri Lanka legend's announcement

Malinga, one of the most decorated limited-overs bowlers of all time, announced his decision a little over a month before the ICC T20 World Cup in UAE, for which he was overlooked.

IPL 2021: Indian players off to UAE after second successive negative RT-PCR reports
First Cricket News

IPL 2021: Indian players off to UAE after second successive negative RT-PCR reports

The players began their early departures for the remainder of the IPL, starting September 19, after India's fifth Test against England was postponed indefinitely following COVID-19 outbreak in the Indian camp.