Mallya chairs United Spirits AGM, says will retire after 60

United Spirit (USL) held its 16th Annual General Meeting (AGM) on Tuesday, which was chaired by Vijay Mallya, Chairman.

There were ordinary business proposals, three ordinary resolutions, and one special resolution that were put to the ballot at the AGM. In the ordinary business of the AGM, auditing of financial statements, appointment  of new director in place of Ravi Rajagopal, and ratification of the appointment of auditors, were put to ballot.

The three ordinary resolutions tabled were the appointment of Nicholas Bodo Blazquez, Rajeev Gupta, and Mahendra Kumar Sharma as directors. While the special resolution that was put to the ballot was for the reduction in the salary of Anand Kripalu, Managing Director, from Rs 26.34 lakh per month to Rs 21.42 lakh per month.

There were lot of queries raised by the investors, who were not happy with the response from the management.

PTI adds: USL Chairman Vijay Mallya said he will not retire from the company’s board anytime soon, but would start thinking about it when he turns 60. Mallya is in the news after the media was agog with reports that Diageo, the United Spirits’ new owner, had asked him to step down as Chairman and Director of the Indian liquor firm for alleged fund diversion to Kingfisher and other UB Group entities.

According to investors, there is disparity in what auditors say and what company says. Anand, a long-time shareholder, said, “As investors, we would not like the company to pay astronomical salaries to its MD at a point of time when we have not received any dividend payout for the third year in a row.” Investors also were unhappy at the widely reported rift between board and the chairman.