Beleaguered businessman Vijay Mallya still holds "full control" over his company even after relocating to the UK, his UB group’s holding firm United Breweries Holdings (UBHL) has said while disclosing remuneration totalling £160,000.
United Breweries, in which co-promoter Heineken has been hiking stake, disclosed total remuneration of about £286,000 to Mallya. However, this payment to Mallya 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.
The company said, "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."
