Mallya resigns as chairman of Bayer CropScience

During his tenure, the firm has grown significantly into a market leading position

Vijay Mallya has resigned as chairman of healthcare and agriculture firm Bayer CropScience after 12 years.

Mallya, UB Group chairman who is in self exile in the United Kingdom, after the Enforcement Directorate began investigating alleged fund diversion of loans taken from IDBI Bank to offshore accounts, will resign from Bayer CropScience effective June 30.

During his tenure, Bayer CropScience has grown significantly into a market leading position, the company said but did not elaborate the reasons for his exit.

In February, Mallya quit United Spirits, after he signed a non compete agreement with its buyer British liquor maker Diageo. Subsequently in March, Mallya stepped as chairman of drug maker Sanofi India.

Mallya, who owes over Rs 7,200 crore to a consortium of banks led by State Bank of India, which has filed cases against him in the Debt Recovery Tribunal, Karnataka High Court and the Supreme Court.

The government has asked Interpol, the global police agency to issue a Red Alert against Mallya after he did not respond to summons to appear before the PMLA court.