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India's billionaire businessman resigns from his spirits company

Xinhua, February 26, 2016 Adjust font size:

India's billionaire businessman Vijay Mallya has resigned as the chairman of United Spirits, a liquor company founded by his family.

"The time has now come for me to move on and end all the publicized allegations and uncertainties about my relationship with Diageo and United Spirits Limited," Mallya said in a statement Thursday.

"Accordingly, I am resigning (from) my position with immediate effect," he added.

Mallya's resignation came in the wake of the company's board beginning a process to remove him as its chairman for alleged financial irregularities.

Mallya, who also owned now-defunct Kingfisher Airlines, denies any wrongdoing.

Currently, UK-based Diageo holds management control of United Spirits after the businessman sold most of its shares to it in 2012.

So, Diageo, which owns about 55 percent of United Spirits, will now sever all ties with United Spirits former owners and take over full management ownership.

India is Diageo's second-largest market by sales. Endit