P A Murali resigns as United Spirits CFO & ED

Also quits boards of all subsidiaries; alcoholic beverage maker provides no reason for resignation

Bengaluru-based United Spirits Limited on Thursday announced the resignation of Pathai Ananthasubramanian Murali, who was its executive director and chief financial officer.

The board of the country’s largest alcoholic beverage maker has accepted the resignation. Murali has also resigned from the boards of all subsidiaries, United Spirits said in a filing to the BSE.

The company did not furnish any reason for Murali’s resignation.

United Spirits is controlled by the world’s largest spirits maker, Diageo, which has raised its stake in the Indian firm to 54.78 per cent.

Recently, Murali had played a key role in securing shareholders’ approval for a proposal to manufacture and distribute products of Diageo’s subsidiaries.

The proposal enabled United Spirits to enter into an agreement with Diageo India for sharing expenses on advertising, marketing, and promotion activities for liquor brands of various Diageo subsidiaries.

The company expects to earn an annual turnover of around Rs 700 crore and an annual profit of Rs 70 crore through licensing and distribution agreements with Diageo North America and Diageo Scotland.

United Spirits’s shares closed one per cent higher at Rs 3,555 apiece on the BSE on Thursday.