/>

Mallya’s son Sidhartha steps down as UBHL director

Updated - October 18, 2016 02:51 pm IST - New Delhi

BANGALORE - 07.12.2010 :   Sidhartha Mallya, son of Indian businessman Vijay Mallya, in Bangalore on December 07, 2010.     Photo K. Murali Kumar.

BANGALORE - 07.12.2010 : Sidhartha Mallya, son of Indian businessman Vijay Mallya, in Bangalore on December 07, 2010. Photo K. Murali Kumar.

Amid growing clamour for recovering over Rs. 9,000 crore dues to banks by now-defunct Kingfisher Airlines, Vijay Mallya-led United Breweries (Holdings) Ltd. On Friday said its non-executive, non-independent director Sidhartha V Mallya has vacated the office of director with effect from March 31.

This development comes days after Mallya, who is believed to be in the U.K., took to Twitter to ask people not to target his son Siddharth.

“In terms of the provisions of Section 167(b) of the Companies Act 2013, Mr. Sidhartha V Mallya, a Non-Executive, Non-Independent Director of the Company has vacated the office of Director w.e.f. March 31, 2016,” UBHL said in a BSE filing.

“My son Sid @sidmallya does not deserve all this abuse as he had nothing to do with my business. Slam me if you must but not a young man,” Vijay Mallya tweeted on Wednesday.

Later in that day, liquor baron Vijay Mallya and Kingfisher Airlines Ltd. had submitted in a sealed cover >a proposal for repayment of Rs. 4,000 crore out of the loan amount of Rs. 6,903 crore to the consortium of banks led by State Bank of India by September this year.

Along with Mallya and Kingfisher, the proposal was also submitted by United Breweries (Holdings) Ltd. and Kingfisher Finvest (India) Ltd.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.