Vijay Mallya quits as United Spirits chairman

LIVE MINT, MUMBAI | 25 February 2016 21:25 IST

UB Group chairman Vijay Mallya has stepped down as non-executive chairman of United Spirits Ltd (USL), controlled by Diageo Plc after striking a sweetheart deal with the UK firm which agreed to drop all charges of alleged irregularities under his watch, and pay him $75 million over five years in return for getting him to go.

Diageo and one-time billionaire Mallya have been sparring for some time over his exit. CLICK TO READ MORE

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