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United Breweries asks Vijay Mallya to step down as board chairman

In another blow to beleaguered liquor baron Vijay Mallya, the board of United Breweries (UB) has sent him a notice asking him to step down as its non-executive chairman following a Sebi order which barred

India TV Business Desk, New Delhi [ Published on: February 09, 2017 13:44 IST ]
Vijay Mallya
Vijay Mallya

In another blow to beleaguered liquor baron Vijay Mallya, the board of United Breweries (UB) has sent him a notice asking him to step down as its non-executive chairman following a Sebi order which barred the businessman from the securities market.

The decision came immediately after a board meeting on Wednesday in Mumbai.

UB’s company secretary Govind Iyengar instructed via e-mail that in the absence of any stay or vacation of the Sebi order, "board is compelled to request you to step down from the board" with immediate effect. 

A copy of the e-mail along with extracts of the minutes of Wednesday's board meeting has been submitted by the company to the BSE.


The company further added, "The independent directors along with other directors present at the meeting held on February 6, 2017 had resolved not to send the notices and agenda relating to board meetings and/or other privileged information to Vijay Mallya till such time he obtains stay of the Sebi order." 

The board deliberated on the matter and also reviewed the legal opinions obtained in this regard.

Sebi had earlier banned Mallya and six former officials of United Spirits Ltd (USL) from securities markets in a case related to illegal fund diversions, while probe is on into the role of auditors and change of control at the company.

Mallya and the six others were also restrained from holding directorship in any listed company.

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