New Delhi : Vijay Mallya has resigned as chairman of healthcare and agriculture firm Bayer CropScience Ltd after 12 years in the helm. In the notification, the company said that Mallya had resigned from the board of Bayer CropScience as the Non-Executive Independent Director with effect from June 30, 2016.
Mallya, UB Group chairman who is in self exile in the United Kingdom (UK), after the Enforcement Directorate (ED) began investigating alleged fund diversion of loans taken from IDBI Bank to offshore accounts. According to media report the company had given Mallya three months' time to take care of his debt disputes with the banks and other agencies in the country.
The decision came after Bayer CropScience's board meeting on May 13 that Mallya had attended via video conference. After the three-month period, the company said that it would seek to replace Mallya, the report said. At the board meeting, Mallya stuck to his stand, saying that he had not laundered the Rs 900 crore received from IDBI Bank as a loan. He'd also said that he would pay back all of the Rs 9,000-crore dues he owes to the now-grounded Kingfisher Airlines' lenders. The Enforcement Directorate, which is overlooking the IDBI money laundering case, recently attached properties worth Rs 1,411 crore belonging to Mallya. Now, the ED is also pushing for a Red Corner Notice to Vijay Mallya, saying that it is 'obligatory', since it has followed all the legal procedures to get a Red Corner Notice.