Home / Companies / People /  UBHL appoints Ajay Kumar Vijay as CFO

Bengaluru: United Breweries Holdings Ltd (UBHL), the holding company of former liquor baron Vijay Mallya’s UB group, has appointed Ajay Kumar Vijay as the chief financial officer (CFO) of the company with effect from 20 April.

The changes come at a time when senior management officials have stepped down with growing scrutiny of the company and multiple winding up petitions filed against it since 2013. UBHL has been fighting multiple cases in various courts across the country over unpaid dues of the now defunct Kingfisher Airlines (KFA), one of the companies under the UB Group.

“United Breweries (Holdings) Ltd has informed BSE that based on the recommendations of the Nomination and Remuneration Committee and the Audit Committee, the Board of Directors at its meeting held on April 20, 2016 have approved the appointment of Mr. Ajay Kumar Vijay as chief financial officer (CFO) of the Company with effect from April 20, 2016," UBHL said in a filing to the Bombay Stock Exchange.

The post of CFO has been lying vacant for a while now.

UBHL also saw Sidhartha V. Mallya, a non-independent director and the son of Vijay Mallya, step down from his post on 31 March 2016.

Vijay Mallya and the promoter group continue to hold 52.34% shares of UBHL.

The company has been under pressure after multiple agencies began the probe for alleged fund diversions and financial irregularities.

On 18 April, a special court issued a non-bailable warrant for the arrest of Vijay Mallya over allegations that he had siphoned off 430 crore from an IDBI Bank Ltd loan to his Kingfisher Airlines Ltd to purchase properties overseas. KFA owes in excess of 9,000 crore to secured creditors and dues running into thousands of crores to unsecured creditors, tax and airport authorities as well as unpaid employees.

The government had earlier suspended Mallya’s diplomatic passport on a request by the Enforcement Directorate, which is probing allegations of fund diversion.

Earlier this month, the lenders consortium led by state-run State Bank of India spurned Mallya’s offer to repay 4,000 crore to settle the debts of Kingfisher Airlines. He also offered to pay an additional 2,000 crore if he won a pending lawsuit against an aircraft engine maker.

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