UB Group chairman Vijay Mallya removed as USL Chairman

Diageo has asked Vijay Mallya to step down as Chairman and Director of the Indian liquor firm, a demand he outrightly rejected.

By ET Bureau | Apr 26, 2015, 04.05 AM IST

MUMBAI: World’s largest liquor firm Diageo has asked UB Group chairman Vijay Mallya to resign from the board of United Spirits (USL) citing ‘lost confidence’ in him after it uncovered financial irregularities and legal violations at the company.

As per the deal with Diageo Plc in November 2012 when it bought a majority stake in USL, Mallya was to continue as chairman for five years.In a meeting held on Saturday, an enquiry report was submitted by MD and CEO Anand Kripalu that showed certain doubtful receivables, advances and deposits.

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