Vijay Mallya resigns as Chairman of Bayer CropScience

New Delhi, June 21

Embattled businessman Vijay Mallya is quitting as chairman of Bayer CropScience Ltd, a position he has held for 12 years.

Mallya, who was appointed Chairman of the Board in March 2004, will cease to be chairman and director of the company from June 30, Bayer CropScience said in a statement.

The company said: "Bayer CropScience Ltd regretfully accepts the voluntary resignation of Vijay Mallya as its Director and Chairman".   

The company said it would appoint a new Chairman at the next board meeting.

Mallya — who has been accused of being involved in loan default and fraud cases that his long-since- closed company, Kingfisher Airlines, had taken — had announced that he was stepping down from the position of Chairman of Sanofi India in March.

He left the country in the same month, even as banks approached the country’s highest court for repayment of loans that comes to Rs 9,000 crore, leaving them struggling to get back their money.

He also quit his position as chairman of United Spirits Ltd in February after its new majority owner Diageo agreed to pay him Rs 515 crore and absolve him of all liabilities over suspected financial lapses at the company founded by his family.

Mallya has been since pursued by Indian investigation agencies, which have asked the Interpol to issue a red notice against him after a court issued an arrest warrant against him.

A red notice is issued for arrested or detaining a person wanted by law enforcement agencies of a particular country for criminal investigations. 

The Indian Ministry of External Affairs has also revoked his passport in an attempt to have him brought back, although Minister Sushma Swaraj admitted recently that they have yet to approach the UK for his extradition.

Mallya claimed he was moving to the UK to spend more time in England closer to his children.

Bayer is a global enterprise with core competencies in the life science fields of healthcare and agriculture. In India, Bayer CropScience is into seed and crop protection business. — Agencies