Vijay Mallya faced yet another setback on Tuesday, as he resigned as an independent director from the board of Bayer CropScience.
The company informed the BSE in a notification. The company said that Vijay Mallya resigned from the board of Bayer CropScience as the Non-Executive Independent Director with effect from June 30, 2016.
The Economic Times had earlier reported that Bayer CropScience board decided to give chairman Vijay Mallya three months to resolve his debt-repayment dispute with banks after which the company will seek to replace him.
As per the report, Mallya had denied the money laundering charges and assured that he would settle his outstanding dues.
Vijay Mallya allegedly owes Rs 9000 crore to the banks in India, which he borrowed to revive the ailing Kingfisher Airlines.