Vijay Mallya Resigns From The Board Of Mangalore Chemical Fertilisers

UB Group chairman and liquor baron Vijay Mallya has resigned from the board of directors of Mangalore Chemicals and Fertilisers (MCF). Neither Mallya nor MCF gave any reason for this move.

“Mallya, a director on the board of directors of the company, has resigned with immediate effect,” MCF said in a filing to the Bombay Stock Exchange (BSE).

As per media reports, Mallya was under pressure to resign, owing to the ‘wilful defaulter’ tag levelled against him by United Bank of India (UBI). The bank had declared him as ‘wilful defaulter’ in September in a matter related to a debt of Rs 6500 crore. However, the Calcutta High Court had later stayed the bank’s decision.

Now, the latest buzz is that Saroj Poddar of Adventz Group may join the board of MCF.

Following the news of his resignation, MCF’s shares increased by 15% during morning trade today.