According to a deal with Diageo in November 2012, Mallya was to continue as USL chairman for the next five years.
“I still hold a significant portion of stake in USL and will chair the forthcoming AGM of the company,” Mallya told shareholders at the AGM of United Breweries Holdings Ltd. (UBHL).
Through his group companies Mallya holds 4.09% in USL, while in his individual capacity he owns only a 0.01% stake.
Diageo holds a majority stake of 54.78% in USL.
In April this year, Diageo had asked Mallya to resign from the USL Board following allegations of fund diversion from USL to UB Group entities. But, Mallya has rejected the demand for his resignation.
According to a deal with Diageo in November 2012, Mallya was to continue as USL chairman for the next five years.
However, USL later said that its Board had lost confidence in Mallya continuing in his role as a director and Chairman, and therefore the company's Board had asked Mallya to resign.
It may be recalled that USL is yet to file its annual report for the fiscal year 2014-15 with the stock exchanges.
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