United Breweries asks Vijay Mallya to step down from board


New Delhi, Feb 9 (PTI): The board of United Breweries on Wednesday asked Vijay Mallya to step down as its non-executive chairman following a Sebi order which barred the embattled businessman from holding directorship in any listed company.

The decision was taken at the board's meeting today in Mumbai.

In an e-mail to Mallya, United Breweries' Company Secretary Govind Iyengar said that in the absence of any stay or vacation of the Sebi order, the "board is compelled to request you to step down from the board" with immediate effect.

A copy of the e-mail along with extracts of the minutes of today's board meeting has been submitted by the company to the BSE.

"The independent directors along with other directors present at the meeting held on February 6, 2017 had resolved not to send the notices and agenda relating to board meetings and/or other privileged information to Vijay Mallya till such time he obtains stay of the Sebi order," the company added.

The board deliberated on the matter and also reviewed the legal opinions obtained in this regard.

Last month, Sebi had banned Mallya and six former officials of United Spirits Ltd (USL) from securities markets in a case related to illegal fund diversions, while probe is on into the role of auditors and change of control at the company.

Mallya and the six others were also restrained from holding directorship in any listed company.

  

Top Stories

Comment on this article

  • Michael Noronha, mysore

    Fri, Feb 10 2017

    In the interest of the employees at UB, Mr. Mallya should step down and let the company go on.

    DisAgree Agree Reply Report Abuse

  • SMR, Karkala

    Thu, Feb 09 2017

    Why Supreme court of India attach the property same like it did for Sahara fraud?

    I would like to question public sector banks, how the wilful defaulter can own other line of business and full privilege of owning and bidding in cricket team?

    It seems there is nexus between Government and wilful fraudster. How does a person clear immigration procedure unless in diplomatic passport holder without the knowledge of Home ministry and External affairs ministry?

    Jai Hind

    DisAgree Agree [2] Reply Report Abuse

  • santhu, Mumbai/Udupi

    Thu, Feb 09 2017

    Hegida hegaada gotta namma chinnari mutta....
    This would be the best lesson to tax evaders.....!

    DisAgree Agree [1] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Frazer Town,Bangaluru

    Thu, Feb 09 2017

    He deserves this treatment for what he had done in tax default and non paying of salaries to the employees

    DisAgree Agree [3] Reply Report Abuse

  • Anand, Karkala

    Thu, Feb 09 2017

    Once the No.1 Airlines in Domestic market and today No. 1 fraudster. Who brought this situation in Mallya's life? .....

    DisAgree [3] Agree [3] Reply Report Abuse

  • Mark Dcruz, Mangalore

    Thu, Feb 09 2017

    Bjp

    DisAgree [1] Agree [9] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Feb 09 2017

    First ask him to step down from abroad ...

    DisAgree [3] Agree [13] Reply Report Abuse


Leave a Comment

Title: United Breweries asks Vijay Mallya to step down from board



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.