India’s United Breweries has sacked “King of Good Times”, Vijay Mallya from the post of the non-executive chairman role following an order from the country’s market regulator late this Wednesday. The UB Group said the Securities and Exchange Board of India (SEBI) has barred Mallya from holding key managerial roles in any listed company. Mallya owes the banks at least $1 billion as he escaped as soon as the pressure on his debts increased.
Mallya is known for his flamboyant lifestyle also made Kingfisher beer a global brand. Mallya has repeatedly failed to appear before investigators at the Enforcement Directorate, a financial crimes agency, who suspect him of misusing funds loaned by a state bank. The company’s decison follows Karnataka high court issuing a ‘winding-up’ order on United Breweries Holdings Ltd (UBHL), the firm through which Mallya controlled his business empire, directing an official liquidator to take over all assets. After Mallya refused to return to the country, Indian court ordered the Banks to start the process of recovery of the billion he owed.