United Spirits asks Chairman Vijay Mallya to step down

News

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.

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