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This article is more than 3 year old.

Heineken seeks legal opinion on replacing Mallya with new chairman at United Breweries, says report

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The development comes at a time when Mallya has been asked by the company board to either step down or appoint a nominee.

Heineken seeks legal opinion on replacing Mallya with new chairman at United Breweries, says report
Heineken has sought legal opinion regarding its right to appoint a chairman for United Breweries, reported The Economic Times.
World’s largest beer maker Heineken NV is the majority stake holder in United Breweries with Vijay Mallya.
According to the report, Heineken has concluded that the shareholder agreement with Mallya has been extinct after India’s Enforcement Directorate attached his shares as part of the ongoing actions against him.
While no response has come from Heineken, it is believed to have begun discussions with Mallya regarding his chairmanship, the report said.
The development comes at a time when Mallya has been asked by the company board to either step down or appoint a nominee as Sebi has barred wilful defaulters from holding key positions, the report added.
The company officials are hopeful of a change in guard after the upcoming annual general meet, as per the report. “The company is functioning well and operations are in good shape … but it is not good corporate governance to have an acting chairman for so long,” an official was quoted as saying in the report.
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