Vijay Mallya resigns from Bayer CropScience board

Liquor Baron Vijay Mallya continues to travel the resignation path from company to company. After been asked to leave the chairman-ship from United Breweries, Mallya also resigns from Germany-based Bayer AG’s subsidiary Bayer CropScience.

Bayer CropScience informed exchange today, that the Company has received the resignation intimation from Dr. Vijay Mallya wherein he has resigned from the Board of the Company as the Non-Executive Independent Director. The resignation will be in effect from June 30, 2016.

Mallya was chairman of the company since 2004. But after being called as major loan defaulter of PSUs and being charged in a money laundering case by ED, the company decided to execute him from the board.

According to Economic Times, on May 19, 2016, Bayer CropScience 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. However, it is not yet revealed who will replace Mallya. 

The notice period was followed by board meeting of the agrochemicals company on May 13 that Mallya attended through video conference. 

In the meeting, Mallya denied allegations of money laundering and assured the board in settling the loans with the banks.