What Vijay Mallaya SAID when Diageo asks Mallya to quit USL board?

The new owner Diageo has asked Vijay Mallya to step down as Chairman and Director of the Indian liquor firm alleging fund diversion to Kingfisher and other UB group entities. Mallya refused to resign and said the inferences and allegations are unjustified and false.

Diageo said, “In the event Mallya declines to step down, the Board also resolved that it would recommend to the shareholders of the Company, the removal of Mallya as a director and as the Chairman of the Board.”

Vijay Mallaya the man who gave a lot of people God times through the flagship brand Kingfisher has been in trouble ever since the Kingfisher Airline went bust. Mallaya has had to even sell off his personal jet that was taken in an auction by a scrap dealer some weeks back.

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