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The Ministry of Corporate Affairs (MCA) has rejected Kingfisher Airlines' application to reappoint Vijay Mallya as its Managing Director.
In a communication to the BSE, the airline said that MCA has rejected the application made by the Company under Section 269 of the Companies Act, 1956 for approval of the Central Government for re-appointment of Vijay Mallya as Managing Director of the Company for a period of five years from October 16, 2013 without remuneration.
This is the second setback for the UB Group on a day of hectic developments. Earlier in the day, Mallya resigned from the board of Mangalore Chemicals and Fertiliser (MCF). Following the news of the resignation, MCF stocks hit the upper circuit to end the day 9.32 per cent to Rs 89.25.
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