United Breweries Holdings Ltd appoints Ajay Kumar Vijay new CFO

BENGALURU: United Breweries Holdings Ltd (UBHL), the holding company of former liquor baron Vijay Mallya’s UB Group, said it appointed Ajay Kumar Vijay chief financial officer with effect from April 20.
Vijay succeeds Ravi Nedungadi, who retired last month after reaching prescribed retirement age.
“The Board of Directors at their meeting held on April 20, 2016 have also appointed Mr Ajay Kumar Vijay, CFO as a Key Managerial Personnel by passing a resolution as required under Section 203 (1) of the Companies Act, 2013,” the company said in a filing with the BSE on Thursday.
The move comes at a time when quite a few senior management have stepped down amidst growing scrutiny of the company and courts have begun hearings of winding up against UBHL and now defunct Kingfisher Airlines (KFA).
Mallya’s son Siddharth, who was a non-executive, non-independent director of the company, stepped down last month. Mallya and the promoter group continue to hold 52.34% shares of UBHL.
UBHL, which has been declared a wilful defaulter by State Bank of India, Punjab National Bank and United Bank of India, is contesting the winding up petitions in the Karnataka High Court.
Vijay Mallya, who is currently staying in the UK, is being probed my multiple agencies across the country due to his alleged non-payment of loans related to Kingfisher. Earlier this month, the lenders consortium turned down his offer to repay Rs.4,000 crore to settle the debts of KFA. He also offered to pay an additional Rs.2,000 crore if he won a pending lawsuit against an aircraft engine maker.