- The time has now come for me to move on and end all the allegations and uncertainties about my relationship with Diageo: Mallya.
- Having recently turned 60, I have decided to spend more time in England, closer to my children: Vijay Mallya.
On Thursday, liquor baron Vijay Mallya resigned as the chairman of United Spirits which is controlled by Diageo Plc. According to news reports, Diageo will pay Mallya a total sum of Rs 515 crore as part of the five-year non-compete agreement.
Mallya's exit from the board of United Spirits puts an end to a long-drawn tussle between him and Diageo following allegations of irregularities on loans given to UB Group companies.
Commenting on his future course of action, Mallya said: "Having recently turned 60, I have decided to spend more time in England, closer to my children."
Read: Raghuram Rajan's statement on 'bankrupt defaulters' hits the nail on the coffin: Is Vijay Mallya listening?
Here's the full text reported by Hindustan Times here:
Also read: #BusinessWire: SBI tags Vijay Mallya, his 2 firms as wilful defaulters
Having recently turned 60, I have decided to spend more time in England, closer to my children. The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo and United Spirits Limited.
Accordingly, I am resigning my position with immediate effect. I am pleased to have been able to agree terms with Diageo and United Spirits Limited. The agreement we have reached secures my family legacy.
I have agreed a mutual release with both Diageo and United Spirits from claims concerning the alleged irregularities disclosed by USL in April 2015. I am now the Founder Emeritus of United Spirits which recognises my contribution in building United Spirits to what it is today and evokes great emotions and a degree of extreme satisfaction having steered United Spirits from a sales volume of just under 3 million cases to over 120 million cases when control was passed to Diageo.
I fondly remember, as a young boy, launching McDowell's, which is the largest selling brand in the industry. I also recall the challenges and personal sacrifices in the tumultuous acquisition of Shaw Wallace and the Royal Challenge brand.
I feel both happy and satisfied that I helped create United Spirits as a clear market leader in the industry which contributed immensely to the local state economies. On the sporting front, I will now be the Chief Mentor of the Royal Challengers Bangalore.
I have been passionate about this team since inception and am determined to do whatever I can to win the IPL trophy. I am glad that my son, Sidhartha, will remain as a Director as he is equally passionate about RCB. I have also agreed to a global (excluding United Kingdom) 5 year non-compete arrangement."