Beleaguered Vijay Mallya is exiting the board of Sanofi India Limited (SIL). The company on Wednesday announced that Mallya, chairman of the board of directors has conveyed his decision to not seek re-election as a director at the ensuing annual general meeting (AGM).
Mallya, who has been Sanofi chairman for the last 33 years, is the first casualty of the recent decision by market regulator Sebi that wilful defaulters are barred from taking board positions in listed companies.
Mallya may have to exit from the board of Bayer Cropsciences Ltd when the new Sebi regulations are implemented in the next couple of weeks.
He is also the chairman of United Breweries which is listed on the stock exchanges.
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