In yet another setback for Vijay Mallya, the Ministry of Corporate Affairs has rejected a proposal for his re-appointment as Managing Director of Kingfisher Airlines, which has remained grounded since October, 2012.
“The Ministry of Corporate Affairs has rejected the application made by the company under Section 269 of the Companies Act, 1956, for approval of the Central Government for re-appointment of Mr. Vijay Mallya as Managing Director of the company for a period of five years from October 16, 2013, without remuneration,” Kingfisher Airlines said in a filing to the stock exchange on Monday.
The company’s shares have been suspended from trading due to penal reasons. Prior to the suspension, the shares were tradingat Rs.1.34 on the BSE on Monday.
