UB group Chairman Vijay Mallya is all set to retain the Chairman’s post of United Spirits Ltd (USL), sources in the company said on Tuesday after its annual general meeting here.
While a formal announcement is likely after a couple of days, when votes of those who opted for physical ballot is completed, the sources said the e-voting pattern showed that he was retaining the post. A significant number of the shareholders at the meeting opted for electronic voting, they added. In USL, foreign partner Diageo, through its subsidiary Relay B.V. of the Netherlands, holds 54.78 per cent stake, while Mr. Mallya has less than four per cent.
The AGM was keenly watched because of auditors pointing out several discrepancies regarding disclosures by the company management in their notes to accounts. Diageo has ordered a complete investigation into these issues, some of them involving loan provided to UB Holdings. Mr. Mallya was also under a cloud following some of the lenders declaring him as a wilful defaulter though he has got a stay order from the Calcutta High Court.
Mr. Mallya also accused the media trying to present a picture of a rift between the UB group and Diageo following the setting up of an investigating team. He said the probe had been ordered by the company to seek clarifications on the issues raised by the auditors of USL.
