United Spirits stock slipped on Monday after the Board called upon Dr. Mallya to resign as a Director and as the Chairman of the Board and step down from his positions in the company's subsidiaries.

The directors noted that they had lost confidence in Dr. Vijay Mallya continuing in his role as a director and as chairman, the BSE filing said.

United Spirits: Quotes, News

BSE 1226.8022.75 (-1.85%)

NSE 1221.2028.1 (-2.30%)

ln the event Dr. Mallya declines to step down, the Board also resolved that it would recommend to the shareholders of the Company, the removal of Dr. Mallya as a director and as the Chairman of the Board.

In a separate filing, the company said that the Board of Directors of the Company at its meeting held on April 25, 2015, inter alia, have appointed Mr. Vinod Rao as the Head of Finance of the Company with effect from April 25, 2015 and also appointed Mr. V Ramachandran as the company secretary and compliance officer with effect from May 1, 2015.

The inquiry revealed that between 2010 and 2013, funds involved in many of these transactions were diverted from the Company and/or its subsidiaries to certain UB Group companies, including in particular, Kingfisher Airlines Limited.

The shares of the company was seen trading at Rs 3,366, lower by 1.39 per cent on BSE at 11.34 AM IST. It touched an intra-day low of Rs 3,330 during the trade.

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