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.
Indian tycoon Vijay Mallya and several prominent directors have quit the board of Whyte & Mackay in a surprise move.
United Spirits and its brewing wing hit new highs on the Bombay stock exchange yesterday as Diageo closed its acquisition deal of a further 14% of the company.
Diageo’s offer to buy a 25% stake in United Spirits (USL), the dominant spirits group in the Indian market, has been rebuffed by shareholders, according to reports from Mumbai.
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