Indian tycoon Vijay Mallya on Thursday resigned as chairman and non-executive director of United Spirits Ltd (USL) as part of a $75-million (Rs.516 crore) deal with its majority holder and global liquor major Diageo plc of Britain.
“We have entered into an agreement with Vijay Mallya under which he has resigned from his position as chairman and non-executive director of United Spirits Ltd and from the boards of other USL group companies,” the London-based Diageo said in a filing to the London Stock Exchange and Indian stock exchanges BSE and NSE.
Following Mallya’s resignation, the USL board appointed independent director Mahendra Kumar Sharma as the new chairman with effect from Thursday.
As part of the agreement, USL will pay Mallya $75 million over a five-year period, including $40 million (Rs.275 crore) this year and $35 million over the next four years............................................
No comments:
Post a Comment