Vijay Mallya on Thursday resigned as chairman of United Spirits- his family legacy, which would now go in the control of international liquor big shot, Diageo, and will shift to United Kingdom to stay close to his children.
This decision also ends a long tussle between Mallya and Diageo regarding the irregularities on loan given by UB Group.
The agreement between Mallya and Diageo and USL will allow Mallya to walk free with 75 million USD (Rs.515 crore) and the company will also protect his family’s legacy, the business man has also agreed on a five year non-compete agreement with Diageo.
This decision recently came after the run of three banks, Punjab National Bank, State Bank of India and United Bank declared, which declared Vijay Mallya and his group holding company United Breweries Holdings Ltd and Kingfisher Airlines as willful defaulters.
RSS