Mallya Quits royal challenge, hopes to revive spirits in UK

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.

Extra info:
-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


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