Vijay Mallya steps down from McDowell Holdings

Vijay Mallya, Non-Executive Chairman of the Board of Directors of the McDowell Holdings Co, has resigned with effect from the close of business hours of February 28, 2013 and his resignation has been accepted.

McDowell Holdings, is one of the holding companies owned by Vijay Mallya and it holds little over 4% in the the beer company-United Breweries Limited, close to 8% UB Holdings Limited, which is another promoter-led investment vehicle and close to 6% Mangalore Chemicals and Fertilisers.

McDowell Holdings Limited was formed during April 2005, after the consolidated spirits business was created under United Spirits.  

A UB Group spokesperson said that it is a routine development and declined to spell out reasons for the Mallya stepping down from the Board of McDowell Holdings.

Besides Mallya, the Board has Harish Bhat as the MD, while N Srinivasan, M R Doraiswamy Iyengar, and S N Ruparel, all UB Group veterans as the other members.

While Mallya himself directly holds 2 shares in McDowell Holdings, his other promoter led companies hold a little over 39% in this company. UB Holdings is the largest shareholder with close to 26%.