Mallya''s son Sidhartha steps down as UBHL director

New Delhi, April 1

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United Breweries (Holdings) Ltd said on Friday that its non-executive, non-independent director Sidhartha Mallya — son of company chairman Vijay Mallya — has quit his position as banks continue to struggle get the senior Mallya back to the country.

"In terms of the provisions of Section 167(b) of the Companies Act, 2013, Mr Sidhartha V Mallya, a Non-Executive, Non-Independent Director of the Company has vacated the office of Director w.e.f. March 31, 2016," UBHL said in a BSE filing.

This development comes days after Mallya, who is believed to be in the UK, took to Twitter to ask people not to target his son.

Vijay Mallya wrote on Twitter on Wednesday: "My son Sid @sidmallya does not deserve all this abuse as he had nothing to do with my business. Slam me if you must but not a young man".

Later the same day, Mallya, United Breweries (Holdings) Ltd, Kingfisher Airlines Ltd and Kingfisher Finvest (India) Ltd had submitted in a sealed cover a proposal for repayment of Rs 4,000 crore out of the loan amount of Rs 6,903 crore to the consortium of banks led by State Bank of India by September this year. Liquor baron Vijay Mallay left the country on March 2 as banks approached the Supreme Court to get back unpaid loans of more than Rs 9,000 crore from him.  —  PTI