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Chairman Mallya ceases to be director: United Breweries

Press Trust of India  |  New Delhi 

(UBL) today said its Chairman Vijay Mallya has ceased to be director of the company following market regulator Sebi's order against him.

On January 25 this year had restrained Mallya from holding position as director or key managerial personnel of any listed company which has not been vacated till date, UBL said in a regulatory filing.

"The board at its meeting held today has authorised filing of requisite forms/intimations with the Registrar of Companies and other authorities notifying Vijay Mallya's cessation from holding position of director in the company," it said.

In January, the Securities and Exchange Board of (SEBI) had restrained Mallya and six others from the securities market and also from "buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly" till further directions.

The market regulator's order was issued close on the heels of naming Mallya, Airlines and eight others in a chargesheet related to loan default case.

Mallya, whose now-defunct Airlines owes more than Rs 9,000 crore (including interest) to various banks, had fled on March 2, 2016.

The has two cases against him -- one related to the IDBI Bank case and the other related to a loan default of over Rs 6,000 crore filed on the basis of a complaint from a State led consortium.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 21:48 IST