Vijay Mallya asked by United Breweries Board to Step Down as Chairman
A notice has been sent to Vijay Mallya by Heineken-controlled United Breweries asking him to quit as its chairman, after Mallya was barred by Securities and Exchange Board of India from the securities market.
On 8 February, a board meeting was held by UB to discuss and pass the resolution.
The mail sent by UB to Mallya along with other board members stated that, the UB board has been compelled to request him to step down as chairman to comply with the Sebi order and in the absence of any vacation or stay of the order.
A UB board director stated also said that, a resolution has been passed by the board that Vijay Mallya should quit as chairman and the company secretary has been asked to convey the message to him.
Only a fortnight ago, Mallya along with 6 other United Spirits officials were banned by Sebi from the securities market following a case related to alleged fund diversions. On top of that, Vijay Mallya and Ashok Capoor have also been restrained by Sebi to hold the post of director or managerial position at any listed company.