Liquor maker United Spirits Ltd (USL) today said V K Rekhi has ceased to be the managing director of the company with effect from today, consequent to the expiry of his term.
While the company did not provide further details, it is speculated that Rekhi, who has been associated with the firm for over thirty years, may be elevated to the position of vice-chairman of USL.
"VK Rekhi has ceased to be the Managing Director of the company with effect from April 19, 2011, consequent upon the expiry of the period of his office as the managing director of the company," the filing said.
Rekhi will continue to be a director in USL and his replacement is likely to be named after a board meeting of the company later this month, a source said.
When contacted, a UB Group spokesperson declined to comment on the issue.
USL has a portfolio of more than 140 brands, of which 20 are millionaire brands and has manufacturing and bottling units at 84 locations across the country.
Recently the company had announced that its McDowell's No 1 Platinum, the premium grain-based whiskey brand had sold over 30 million bottles in its maiden year.
Shares of USL today closed at Rs 1,008.80 on BSE, down 0.57% from its previous close.