Zee Media Bureau
New Delhi: Diageo, the world's largest spirits maker on Saturday asked Vijay Mallya to resign from the board of United Spirits (USL).
Mallya, however, has refused to do so and hit back saying he will not resign as a director of United Spirits.
Diageo had took full control of South African beer maker United National Breweries early this month by acquiring the additional 50 percent stake in the company from Vijay Mallya-controlled Pestello Investments for an initial payment of USD 22 million.
Diageo, which is also a major producer of beer and wine and owner of popular brands such as Johnnie Walker, Guinness and Smirnoff had in January 2013 acquired 50 percent interest in UNB's traditional sorghum beer business in South Africa reportedly at USD 36 million.
In 1996 Mallya's UB Group had acquired 30 percent stake in UNB and later increased it to 100 percent.
In 2000, UNB had acquired beer business from Traditional Beer Investments (TBI), a subsidiary of South African Breweries.
With Agency Inputs
