Vijay Mallya resigns as United Spirits chairman; to be paid Rs 515 crore

Liquor entrepreneur Vijay Mallya on Thursday surrendered as the chairmen of United Spirits Ltd, controlled by Diageo Plc, in a $75-million (Rs 515 crore) manage the UK Company.

Vijay Mallya resigns as United Spirits chairman; to be paid Rs 515 crore

Vijay Mallya resigns as United Spirits chairman; to be paid Rs 515 crore

In an announcement issued late Thursday, the 60-year-old Mallya said he would move to England to be closer to his kids and would leave the organization as Founder Emeritus of United Spirits.

“The time has now sought me to proceed onward and end all the announced affirmations and uncertainties about my association with Diageo and United Spirits Limited,” Mallya’s announcement read. “I am leaving my position with quick impact.” In an announcement to stock trades, Diageo said MK Sharma, a free non-official chief and administrator of the review committee, would be the new executive.

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Diageo, which will pay Mallya $75 million more than five-year, has consented to drop all charges of confirmed inconsistencies under his supervision.

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The resignation comes during an era when State Bank of India and Punjab National Bank have announced Mallya a hardheaded defaulter for neglecting to pay levy adding up to R7,000 crore to 17 banks. The credits were taken at this point ancient Kingfisher Airlines.

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