Siddharth Mallya Steps Down as UBHL Director

UBHL said its non-executive, non-independent director Sidhartha V Mallya has vacated the office of director with effect.

Published: 01st April 2016 05:24 PM  |   Last Updated: 01st April 2016 05:24 PM   |  A+A-


Siddharth Mallya, son of Royal Challengers team owner Vijay Mallya, attends a press conference during the IPL player auction in Bangalore. AP


NEW DELHI: Amid growing clamour for recovering over Rs 9,000 crore dues to banks by now-defunct Kingfisher Airlines, Vijay Mallya-led United Breweries (Holdings) Ltd today said its non-executive, non-independent director Siddharth V Mallya has vacated the office of director with effect from March 31.

This development comes days after Mallya, who is believed to be in the UK, took to Twitter to ask people not to target his son Siddharth.

"In terms of the provisions of Section 167(b) of the Companies Act, 2013, Mr Sidhartha V Mallya, a Non-Executive, Non-Independent Director of the Company has vacated the office  of Director w.e.f. March 31, 2016," UBHL said in a BSE filing.

On Wednesday, on micro blogging site Twitter, Vijay Mallya said: "My son Sid @sidmallya does not deserve all this abuse as he had nothing to do with my business. Slam me if you must but not a young man."

Later in that day, liquor baron Vijay Mallya and Kingfisher Airlines Ltd had submitted in a sealed cover a proposal for repayment of Rs 4,000 crore out of the loan amount of Rs 6,903 crore to the consortium of banks led by State Bank of India by September this year.

Along with Mallya and Kingfisher, the proposal was also submitted by United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd.

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