A battle has erupted between Diageo and Vijay Mallya over his position as chairman of United Spirits, after a report has alleged past financial irregularities in the company’s accounts.
India’s biggest spirits group United Spirits is to try again for shareholder approval to produce and market Diageo brands in the subcontinent.
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.
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.
Ivan Menezes, Diageo’s new chief executive, has bid £1.13bn for control of India’s United Spirits, the sub-continent’s dominant spirits group.
India’s United Spirits has hired a trio of banks to oversee the sale of its Scotch whisky company Whyte & Mackay, which is expected to fetch up to £450m.
Diageo has announced that former CEO Paul Walsh has been appointed as an additional director of United Spirits Limited.
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