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Mallya's son Sidhartha resigns as director from UB Holdings

Fri, Apr 01, 2016, 09:52 PM
Bengaluru, April 1: Beleaguered liquor baron Vijay Mallya's son Sidhartha V. Mallya resigned as non-executive and non-independent director of United Breweries Holdings Ltd, the listed firm said on Friday.

In a regulatory filing to the BSE, the city-based holding firm said 28-year-old Sidhartha vacated the office of director with effect from March 31, under the relevant section of the Companies Act.

Sidhartha, who was first appointed as director in May 2005, was reappointed to the executive on rotation with the shareholders' consent at the company's 99th annual general meeting here on September 28, 2015.

The company, however, did not give reason for Sidhartha's sudden resignation.

As chairman, Mallya holds majority equity stake (52.34 percent) in the holding firm, whose flagship company is the country's largest beer maker United Breweries Ltd.

As a holding firm, UBHL has strategic investments in group companies, securities, overseas trade, real estate development, commercial and residential properties and licensing of trade marks.

Though Sidhartha also has US citizenship, he graduated in science from Queen Mary University in London.

The only son of Mallya, he is also a director on the board of other group firms such as Kamsco Industries, Mallya Ltd, Royal Challengers Sports Ltd, Gem Investment & Trading Company Ltd and United Mohun Bagan Football Team Ltd.

According to company sources, Sidhartha is currently abroad, pursing a film career in Hollywood and doing a drama course in London.

An ardent cricket buff like his father, Sidhartha is in India during summer when his team (RCB) plays in the IPL T20 tournament every year.
Agency: IANS
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