Vijay Mallya steps down as director from Bayer CropScience
Vijay Mallya has resigned from the board of Bayer CropScience as the non-executive independent director with effect from 30 June
Mumbai: UB Group chief Vijay Mallya has stepped down as non-executive independent director at healthcare and agriculture firm Bayer CropScience Ltd.
In its filing to BSE, Bayer CropScience said it has received the resignation intimation from Mallya wherein he has resigned from the board of the company as the non-executive independent director with effect from 30 June 2016.
The company did not cite any reasons for Mallya’s resignation.
In March, Mallya had stepped down as chairman of the board at drug maker Sanofi India Ltd and said he will not seek reflection as a director at the company’s annual general meeting (AGM).
Mallya, who owes banks upwards of Rs.9,000 crore in loans taken by his grounded Kingfisher Airlines Ltd, India for an overseas destination on 2 March, after signing a sweetheart deal with Diageo Plc that agreed to pay him $75 million for stepping down as chairman of United Spirits Ltd.
Mallya was declared a wilful defaulter first by United Bank of India and later by others, including State Bank of India. The businessman has challenged the tag.
A special court in Mumbai declared the UB Group chairman a “proclaimed offender” in a loan diversion case last week.
In an interview to The Financial Times on 29 April, Mallya said he was in “forced exile” and that reporting by the Indian media had turned public opinion against him.