Mallya in "full control" even after moving to UK: UB Group

September 18, 2016 19:07

Beleaguered businessman Vijay Mallya remains in "full control" even after relocating to United Kingdom, his UB group's holding firm United Breweries Holdings Ltd has said while disclosing remuneration totalling Rs 1.6 crore.

Group company United Breweries Ltd, in which co-promoter Heineken has been hiking stake, has also disclosed total remuneration of about Rs 2.86 crore to Mallya, who moved to the UK earlier this year amid a furore over various cases involving erstwhile Kingfisher Airlines including about huge loan defaults. However, this payment had to be withheld pursuant to the orders of the Income Tax Department.

In its latest annual report, released to shareholders ahead of their Annual General Meeting on September 29, the group holding firm UBHL said it has been without a Managing Director since April 17, 2014.

"In the interregnum, the Chairman of the Board, Vijay Mallya is acting as the Principal Officer of the company and reviewed the performance of the Company at the Board Meetings held during the year.

"Even after his relocating to London, he has full control over the affairs of the company through appropriate delegation of duties to various operating executives who report to him on a regular basis," it said.

Giving details of the remuneration paid to the directors, UBHL has disclosed fees totalling Rs 3.2 lakh to Mallya for attending board or committee meetings. Out of this, payment of sitting fees totalling Rs 1.6 lakh has been restrained by Order of the Tax Recovery Officer dated November 24, 2015, UBHL said.

However, Mallya received remuneration totalling about Rs 1.6 crore from two overseas subsidiaries of UBHL.

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