United Breweries asks Vijay Mallya to step down from Board
| Updated On: 2017-02-10 04:42:51.0 | Location :
The directive was made to comply with the stock market regulator Securities and Exchange Board of India's (SEBI) January 25 order, in the absence of a stay or vacation on it.
India's largest beer maker United Breweries has directed tycoon Vijya Mallya to step down from its board as non-executive Chairman, the company said on Thursday.
"We are compelled to request you to step down from the Board of United Breweries Ltd with immediate effect," said company secretary and vice president-legal Govind Iyengar in an email to Mallya on late Wednesday night, as reported by The News Minute.
The board's directive was made to comply with the stock market regulator Securities and Exchange Board of India's (SEBI) January 25 order, in the absence of a stay or vacation on it.
The market watchdog had restrained Mallya from holding the position as a director or a key managerial position of the group's listed companies.
The Bombay Stock exchange (BSE) and the National Stock Exchange (NSE) had also sought from the company, the status of compliance with the SEBI order.
"The independent and other directors, present at the board meeting in Mumbai on February 6, had resolved not to send notices and agenda relating to board meetings or other privileged information to Mallya till he obtains stay on the SEBI order," said the company in a regulatory filing to both BSE and NSE.
The board's directive to Mallya came a day after the Karnataka High Court on Tuesday ordered winding up of the group's United Breweries (Holdings) Ltd to recover dues of its now-defunct Kingfisher Airlines Ltd.