Mallya to quit as chairman of Bayer CropScience

Embattled businessman Vijay Mallya is quitting as the chairman of Bayer CropScience Ltd after over 12 years of holding the position.

Mallya, who was appointed chairman of the board in March 2004, will cease to be the chairman as well as a director with effect from 30 June, Bayer CropScience said in a statement.

"Bayer CropScience Ltd regretfully accepts the voluntary resignation of Vijay Mallya as its director and chairman," the company said, adding that 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 defunct Kingfisher Airlines, had in March announced his retirement from the post of chairman of pharmaceuticals company Sanofi India.

In March, he had left the country amid continuing efforts by banks to recover dues totalling over Rs9,000 crore in unpaid loans and interest owed by Kingfisher Airlines.

Mallya, who made his fortune in the liquor industry, had agreed to quit as chairman of United Spirits Ltd in February, after its new majority owner Diageo agreed to pay him Rs515 crore and absolve him of all liabilities over alleged financial lapses at the company founded by his family.

On reasons for his move, Mallya had said, was that he wanted to spend more time in England closer to his children.

Bayer is a global enterprise with core competencies in the life science fields of healthcare and agriculture. In India, Bayer CropScience is in the seed and crop protection business.