United Spirits asks Chairman Vijay Mallya to step down

Bengaluru, April 27: In a big blow to industrialist Vijay Mallya, the United Spirits Limited has asked him to step down from his post as the chairman. On the other hand, the market watchdog SEBI and other agencies have started investigating into the alleged irregularities in the company.

USL, world's second largest spirit and Liquor Company, is a subsidiary of the United Breweries Group. It has sold its stake to the UK based Diageo Plc. Following an inquiry revealed that funds were diverted to various UB group firms including the Kingfisher in the past, Mallya was asked to quit as the chairman and director.

However, Mallya remained defiant and rejected the order to step down. The USL has decided to approach the stakeholders to put pressure on him.

The USL may reveal the findings of the Price water house Coopers (PwC) inquiry to the SEBI.

How RBI is disposing of demonetised currency worth Rs 15.28 trillion

New Delhi: Demonetised Rs 500 and Rs 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disp...

RBI issues corrective framework for PSBs

New Delhi: Amid the multiple scams unearthed recently in the banking sector, the Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PC...

No proposal under consideration to scrap Rs 2,000 note: Government

New Delhi: The government on Friday categorically said there was no proposal to discontinue Rs 2,000 currency note, which was introduced post demoneti...

Odisha govt to set up Information Technology Investment Region

Bhubaneswar: Odisha Chief Minister Naveen Patnaik on Thursday said the government has proposed to set up an Electronics System Design and Manufacturin...