Vijay Mallya to stay on as United Breweries chairman

Bengaluru: Former billionaire Vijay Mallya, who has been at the centre of a money laundering probe, will continue as chairman of United Breweries Ltd, the company’s management said after UBL’s annual general meeting on Wednesday.

The news, which was confirmed by a company spokesman, came less than a week after the Enforcement Directorate (ED)—an agency responsible to tackle economic crime in India—attached properties worth 6,630 crore in connection with a money laundering probe tied to the business tycoon.

Also Read: ED attaches Vijay Mallya’s assets worth Rs6,630 crore

The attachment was on the basis of the case filed against Mallya and his defunct Kingfisher Airlines Ltd. The value of all attachments against him has now reached 8,044 crore. Some analysts had speculated that Mallya might have to step down as chairman because of the development.

UBL has sought legal opinion from a former chief justice of India, company director Chug Yogendra Pal, who chaired its AGM in Bengaluru, said on Wednesday. PTI first reported the news.

Also Read: Non-bailable warrant issued against Vijay Mallya in service tax evasion case

ED had not attached any properties or shares of UBL and Mallya was not disqualified to be its chairman, the PTI report said, citing Pal.