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HomeBusinessMCFL Appoints Vijay Mallya's Step-mother Ritu Mallya as Director

MCFL Appoints Vijay Mallya’s Step-mother Ritu Mallya as Director

Days after resignation of Vijay Mallaya from UB group firm MCFL, the fertiliser company on Thursday announced appointment of his step-mother Ritu Mallya as a director of the firm with immediate effect.

In a surprise move on December 1, Mr Mallya had resigned as director of the Mangalore Chemicals and Fertilizers Ltd (MCFL), which is the target of a takeover battle between Deepak Fertilisers and Zuari Group.

In a filing to the BSE, MCFL said, “… the company’s Board of Directors has appointed Mrs Ritu Mallya as a Director of the Company with immediate effect.”

Vijay Mallya had resigned within days of minority shareholders of United Spirits rejected as many as 9 of 12 resolutions, including some pertaining to pacts with entities connected to erstwhile promoter Vijay Mallya.

The UB group has been seeing continuous troubles on various fronts for the last couple of years, beginning with a major cash crunch and high debt at once-luxury airline Kingfisher, forcing it be grounded in October 2012.

The group, which is also engaged in legal tussle with lenders, later sold a controlling stake in its prized unit United Spirits to Diageo while some other assets were also divested in other businesses and two rival bidders came up from MCFL.

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