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Indian liquor baron Mallya steps down from United Spirits

Reuters - UK Focus

MUMBAI, Feb 25 (Reuters) - Liquor baron Vijay Mallya has agreed to resign from his post of chairman and non-executive director of India's largest spirits company United Spirits Ltd (BSE: UNITDSPR4.BO - news) , the local arm of Britain's Diageo Plc (LSE: DGE.L - news) .

Mallya sold most of his shares in United Spirits, which was a part of his UB Group, and gave management control to Diageo in 2012.

In April last year, the United Spirits board begun a process to remove Mallya as the company's chairman due to alleged financial irregularities. Mallya had then denied the allegations and had refused to resign.

"The time has now come for me to move on and end all the publicised allegations and uncertainties about my relationship with Diageo and United Spirits Limited (BSE: UNITDSPR.BO - news) ," Mallya said in a statement issued on Thursday.

"Accordingly, I am resigning my position with immediate effect." (Reporting by Sumeet Chatterjee, editing by David Evans)