kingfisher vijay mallya Archives

Mallya remains United Breweries chairman

by admin | May 25, 2021 | Corporate, Corporate Governance

Bengaluru:(IANS) Beleaguered liquor baron Vijay Mallya will continue to be the chairman of United Breweries Ltd (UBL) though he is out of India since March and has not presided over board meetings, said an official on Wednesday.

“As regulatory rules do not prevent Mallya from holding the top executive post, he remains the chairman though he has not been attending board meetings in person as he is out of country since March,” UBL director Chug Yoginder Pal told shareholders at the 17th annual general meeting (AGM) here.

The company’s another director, A.K. Ravi Nedungadi, however, clarified that as Mallya had attended board meetings through video conferences, he could continue to be the UBL chairman as per the Companies Act.

On shareholders’ concerns over the company’s assets being attached by the Enforcement Directorate (ED), which had on September 4 seized Mallya’s assets valued at Rs.6,300 crore in Karnataka and Maharashtra, Pal said none of the UBL’s assets were attached till date though he (Mallya) still holds 30.71 per cent of equity stake in the company.

In a written statement, read out at the AGM, Mallya said the company continued to have leadership position in the Indian beer market with about 50 per cent share.

“The company sold 151 million cases (12 bottles each) in fiscal 2015-16 as against the total sales of 295 million cases in the alcoholic beverage industry,” said Mallya in the statement.

Noting that Goods and Sales Tax (GST) would be a reality soon, Mallya said the company would make efforts to persuade state governments to review their outdated tax policies as alcoholic beverages were excluded from the new tax (GST).

Mallya is reported to be in London since he left India on March 2 ahead of the SBI-led banks’ consortium petitioning the Supreme Court to recover their outstanding loans amounting to Rs.9,431.65 crore, including interest that were sanctioned to his now-defunct Kingfisher Airlines Ltd.

Vijay Mallya resigns from Rajya Sabha

by admin | May 25, 2021 | Corporate, Corporate Buzz

New Delhi, (IANS) Liquor baron Vijay Mallya, whose passport has been revoked by the government, on Monday resigned from the Rajya Sabha.

He sent his resignation to Rajya Sabha Chairman Hamid Ansari on Monday, sources said.

The resignation has come after the Ethics Committee of Rajya Sabha unanimously recommended the expulsion of the liquor baron from the upper house of Parliament.

Mallya, wanted for defaulting bank loans to the tune of Rs.9,000 crore, was an Independent member of the Rajya Sabha from Karnataka. He was given a week’s time, ending Tuesday, to put in his papers.

According to Parliament sources, during his tenure of almost 10 years as member of the Rajya Sabha, Mallya had been declaring his assets and liabilities as “nil”.

The union government too had revoked Mallya’s passport after he failed to turn up for a probe into a Rs.9,431 crore default of loans from Indian banks. This has set in motion the process for the billionaire’s possible deportation from Britain, where he is staying at present.