Liquor baron Vijay Mallya resigned from his post as chairman of United Spirits on Thursday which is controlled by Diageo Plc.
Diageo will pay Mallya Rs 515 crore as part of the 5-year non-compete agreement. "Having recently turned 60, I have decided to spend more time in England closer to my children," he said in a statement.
Mallya's exit from the board of United Spirits ends a long-drawn tussle between him and Diageo following allegations of irregularities on loans given to UB Group companies.
His resignation comes at a time when two banks have declared him as a wilful defaulter. He has been unable to pay dues to as many as 17 banks amounting to Rs 7,000 crore that was lent to Mallya's Kingfisher Airlines.
Here's how much he owes to the following banks:
State Bank of India: Mallya recovered only Rs 155 crore out of Rs Rs 1,623 crore lent to him
Punjab National Bank: Rs 1,500 crore
IDBI Bank: Rs 800 crore
Bank of India: Rs 650 crore
Central Bank of India: Rs 410 crore
UCO Bank: Rs 320 crore
Corporation Bank: Rs 310 crore
State Bank of Mysore: Rs 150 crore
Indian Overseas Bank: Rs 140 crore
Federal Bank: Rs 90 crore
Punjab & Sind Bank: Rs 60 crore
Axis Bank: Rs 50 crore
