United Spirits, India’s market leader in spirits in which Diageo holds a controlling 55% stake, wants its shareholders to declare the company “sick”.
Shareholders in Diageo-controlled United Spirits Limited (USL) have set a date on which they will decide the fate of company chairman Vijay Mallya.
United Sprits’ shareholders have voted in favour of an agreement that will see the company manufacture some of Diageo’s key international brands in the Indian Subcontinent.
Emperador has completed its purchase of Diageo’s Whyte & Mackay whisky business for £430 million ($726m).
Vijay Mallya has been re-elected chairman of United Spirits despite being declared a “wilful defaulter” last month.
Diageo-led spirits producer United Spirits has blocked a key revenue stream for the beleaguered UB Holdings by taking control of exports.
Three independent directors have quit United Spirits’ board days after Diageo launched an investigation into the company’s finances.
United Spirits has revealed a net loss of £445 million, prompting majority owner Diageo to launch an investigation.
Billionaire chairman of United Spirits, Vijay Mallya, has been declared a “wilful defaulter”, calling his position as chairman of the company into question.
The boss of Indian producer United Spirits may have to quit the company’s board if he is found to be a “wilful defaulter” over the company’s outstanding debts.
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