Vijay Mallya UB group chairman has stepped down as non-executive chairman of United Spirits Ltd controlled by Diageo Plc,after striking a sweetheart deal with the UK firm which agreed to drop all charges of irregularities under his watch, and pay him $75 million over five years in return for getting him to go.
Former Hindustan Unilever veteran M K Sharma has been appointed as the new non-executive chairman of USL, now controlled by London-based Diageo Plc. Mallya, who turned 60 last December, has signed a five-year non-compete agreement and will desist from buying additional shares in USL. Mallya had agreed to sell controlling interest to Diageo, paving the way for a$3-billion takeover in 2012. However, ties between Mallya and Diageo soured soon thereafter with the board taking note of certain related party transactions, which were rejected by the shareholders.
-Recently PNB is the third PSB to declare Kingfisher Airline and its two guarantors a willful defaulters
-Last year SBI & UBI have already declared UB group a willful defaulter.
So lets do
1- Who is current non-executive chairman of UB group?
2- In February which bank declared UB group as willful defaulter?
Source – Times of India