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Days after Vijay Mallya resigned from the board of Mangalore Chemicals & Fertilisers (MCF), his stepmother, Ritu Mallya has been appointed as a director of the company.
MCF informed the stock exchanges of the appointment.
Vijay Mallya stepped down after a consortium of bank led by SBI made it clear that it will be difficult for them to extend loans to all the UB Group companies as long as he is a board member on them. The UB Group owes over ₹7,500 crore to the consortium of banks. Insiders say that MCF board is likely to be restructured soon. The UB group owns around 22 per cent stake in the company, while Saroj Poddar’s Zuari Agro owns 16.437 per cent. SCMSoilFert, which is owned by Deepak Fertilisers, holds 25.31 per cent stake in the company. UB Holdings and Zuari Agro made a counter offer to Deepak Fertiliser’s open offer to pick up additional stake in MCF.
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