News Mallya resigns from USL; indicates amicable pact with Diageo

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Vijay Mallya today resigned from the post of Chairman of United Spirits and will become the Founder Emeritus of the company. “The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo and United Spirits Limited. Accordingly, I am resigning my position with immediate effect,” said a statement released by Mallya. In the release, Mallya said: “I am pleased to have been able to agree terms with Diageo and United Spirits Limited. The agreement we have reached secures my family legacy.” Last year, Diageo had asked Mallya to step down as Chairman and Director of USL alleging fund diversion to Kingfisher and other UB group companies, a demand that was outrightly rejected by Mallya. USL, in a report by PWC, had said that various improprieties and legal violations were found in a probe into loans worth Rs 1,337 crore given to UB Group firms.

Read more at: Mallya resigns from USL; indicates amicable pact with Diageo - Moneycontrol.com
 
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Vijay Mallya quits United Spirits, pockets Rs 515 cr from Diageo, plans to move to UK

Liquor baron Vijay Mallya on Thursday quit as chairman of United Spirits — a company set up by his family but now controlled by global liquor giant Diageo — and would shift to UK even as his group firms fight the 'wilful defaulter' tags given by lenders.

Mallya's exit from the board of United Spirits ends a long-drawn tussle between him and Diageo following allegations of irregularities on loans given to UB Group companies.

"The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo and United Spirits Ltd. Accordingly, I am resigning my position with immediate effect," Mallya said in a statement announcing his departure from the company.

He further said: "I am pleased to have been able to agree terms with Diageo and USL. The agreement we have reached secures my family legacy." Diageo will pay Mallya USD 75 million (Rs 515 crore) as part of the agreement.

Commenting on his future course of action, Mallya who agreed to a global, excluding United Kingdom, five-year non-compete arrangement with Diageo, said: "Having recently turned 60, I have decided to spend more time in England, closer to my children."

He's gone: Vijay Mallya quits United Spirits, pockets Rs 515 cr from Diageo, plans to move to UK - Firstpost
 
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Sanjeev said:
So now RCB will be under the control of USL
Click to expand...
On the sporting front, I will now be the Chief Mentor of the Royal Challengers Bangalore. I have been passionate about this team since inception and am determined to do whatever I can to win the IPL trophy. I am glad that my son, Sidhartha, will remain as a Director as he is equally passionate about RCB.
 
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