Vijay Mallya refuses to step down as USL Chairman

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New Delhi: Vijay Mallya has refused to step down from the United Spirits’ board and has said that he intends to continue as the Chairman of the board and has refuted the charges made by the company’s board with regard to its prior-period accounts.

Mallya had sold the controlling stake in United Spirits to Diageo said that only “shareholders can ‘oust’ a director and he would continue to function as the USL Chairman.

The United Spirits board has allegedly asked Mr Mallya to quit the board alleging fund diversion to Kingfisher and other UB group entities. The company said that it has lost faith in Mr Mallya and will be approaching the shareholders if he refuses to resign.

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