Liquor baron Vijay Mallya resigned to his post of United Spirits Ltd (USL) chairman following a mutual consent agreement signed with majority stake holder Diageo. Diageo agreed to pay Vijay Mallya Rs 515 crore (USD 75 million) apart from making him free of all the liabilities. While USD 40 million will be paid to Mallya immediately, the rest will be settled in a period 5 years.
Vijay Mallya wishes to spend rest of his life in UK with his children. His Son Siddharth Mallya will retain the post as Director of USL Group firm which operated IPL Franchise Royal Challengers Bangalore. The term might last for 2 years from now.
In his farewell speech, Vijay Mallya told time has come to move on and end all the allegations against him. He feels the agreement he signed with Diageo secures his family legacy.