United Breweries asks Vijay Mallya to quit as chairman over a SEBI order
Advertisement
Vijay Mallya is no longer the non-executive chairman of the United Breweries as the company has asked him to step down with immediate effect.
The decision came in the wake of an order by SEBI, saying Mallya cannot hold any directorship in any listed company.
United Breweries ' Company Secretary Govind Iyengar said that in the absence of any stay or vacation of the Sebi order, the "board is compelled to request you to step down from the board" with immediate effect.
"The independent directors along with other directors present at the meeting held on February 6, 2017 had resolved not to send the notices and agenda relating to board meetings and/or other privileged information toVijay Mallya till such time he obtains stay of the Sebi order," the company added.
SEBI has banned Mallya and six former officials of United Spirits Ltd (USL) from securities markets in a case related to illegal fund diversions.
Advertisement
Advertisement
The decision came in the wake of an order by SEBI, saying Mallya cannot hold any directorship in any listed company.
"The independent directors along with other directors present at the meeting held on February 6, 2017 had resolved not to send the notices and agenda relating to board meetings and/or other privileged information to
SEBI has banned Mallya and six former officials of United Spirits Ltd (USL) from securities markets in a case related to illegal fund diversions.
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Vodafone Idea FPO allotment – How to check allotment, GMP and more
- Vodafone Idea shares jump nearly 8%
- Indians can now get multiple entry Schengen visa with longer validity as EU eases norms
- Investing Guide: Building an aggressive portfolio with Special Situation Funds
- Markets climb in early trade on firm global trends; extend winning momentum to 3rd day running
- Impact of AI on Art and Creativity