Vijay Mallya is no longer the chairman of Bayer CropScience Ltd . Express Photo By Anil Sharma
Embattled businessman Vijay Mallya is quitting as the Chairman of Bayer CropScience Ltd after over 12 years of holding the position in the company.
Mallya, who was appointed as the Chairman of the Board in March 2004, will cease to be the Chairman and Director with effect from June 30, Bayer CropScience said in a statement.
Commenting on the development, the company said: “Bayer CropScience Ltd regretfully accepts the voluntary resignation of Vijay Mallya as its Director and Chairman.”
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The company said it will appoint a new Chairman at the next Board meeting.
Mallya, who is currently wanted in India over loan default cases related to the long-defunct Kingfisher Airlines, had in March announced retirement from the post of Chairman of Sanofi India.
In March, he had left the country amid continuing efforts by banks to recover dues totaling over Rs 9,000 crore of unpaid loans and interest owed by Kingfisher…