United Breweries asks Vijay Mallya to quit as chairman over a SEBI order

Vijay Mallya is no longer the non-executive chairman of the United Breweries as the company has asked him to step down with immediate effect.

The decision came in the wake of an order by SEBI, saying Mallya cannot hold any directorship in any listed company.

United Breweries' Company Secretary Govind Iyengar said that in the absence of any stay or vacation of the Sebi order, the "board is compelled to request you to step down from the board" with immediate effect.

"The independent directors along with other directors present at the meeting held on February 6, 2017 had resolved not to send the notices and agenda relating to board meetings and/or other privileged information to Vijay Mallya till such time he obtains stay of the Sebi order," the company added.

SEBI has banned Mallya and six former officials of United Spirits Ltd (USL) from securities markets in a case related to illegal fund diversions.