Vi­jay Mallya steps down as board chair­man of drug maker Sanofi In­dia

The Pak Banker - - COMPANIES/BOSS -

MUM­BAI: UB Group chief Vi­jay Mallya has stepped down as chair­man of the board at drug maker Sanofi In­dia Ltd and said he will not seek relec­tion as a di­rec­tor at the com­pany's an­nual general meet­ing (AGM).

Mallya be­came a di­rec­tor of the com­pany (then called Hoechst Phar­ma­ceu­ti­cals Ltd) in De­cem­ber 1973 and has been chair­man of the board since De­cem­ber 1983.

Mallya, who owes banks up­wards of Rs.9,000 crore in loans taken by his grounded King­fisher Air­lines Ltd, In­dia for an overseas des­ti­na­tion on 2 March, af­ter sign­ing a sweet­heart deal with Di­a­geo Plc that agreed to pay him $75 mil­lion for step­ping down as chair­man of United Spir­its Ltd.

In a let­ter to the board of Sanofi In­dia re­leased to the me­dia by the com­pany, Mallya wrote, "Hav­ing been a di­rec­tor of your com­pany for over 42 years and chair­man of the board for over 32 years, I have de­cided it is time for me to re­tire with­out re­sort­ing to the ' first-in, last out for­mula."'

"I have de­cided to step down pro­gres­sively from my re­spon­si­bil­i­ties and there­fore will not be seek­ing as a di­rec­tor at the forth­com­ing AGM at the end of April 2016." Elab­o­rat­ing rea­sons for his move, Mallya said: "As you are aware, I cel­e­brated my 60th birth­day and I am spend­ing more time in Eng­land closer to my chil­dren, it is also the com­pany's Di­a­mond ju­bilee which marks two im­por­tant mile­stones." Re­act­ing the Mallya's let­ter, Sanofi In­dia said its board, which met on Wed­nes­day, ac­cepted his de­ci­sion. "Con­se­quently, Mallya will cease to be a Di­rec­tor and Chair­man of the Board of Direc­tors of Sanofi In­dia Ltd at the con­clu­sion of the com­pany's AGM," the com­pany said in a BSE fil­ing.

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