Mallya made Principal Officer of UB holding firm

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SME Times News Bureau | 30 Sep, 2016
United Breweries (Holdings) Ltd has made its Chairman Vijay Mallya Principal Officer in the absence of a Managing Director, the company said on Thursday.

In a regulatory filing to the BSE, after its 100th annual general meeting (AGM) here, the company said Mallya had been monitoring the company's performance through appropriate delegation of duties to various operating executives.

"In the absence of a Managing Director, the Chairman of the Board, Vijay Mallya, has been made the Principal Officer of the company and has been monitoring the performance of the company through appropriate delegation of duties to various operating executives, who report to him on a regular basis," said the filing.

The company has not appointed a new managing director after V. Shashikanth resigned from the executive post in May 2014.

In the absence of Mallya at the company's centurion AGM, independent director N. Srinivasan chaired the proceedings and read out a transcript Mallya sent from London where he has been living since March 2 when he left India.

The listed firm also informed the BSE that its board had five directors, including three independent at the end of previous fiscal year (2015-16).

Mallya and Daljit Mahal are the non-executive non-independent directors.

The AGM reappointed Mahal as director on rotation with the shareholders' consent.