USL to pursue UB Holdings case

United Spirits has said it will continue its case against UB Holdings to recover ₹1,337.4 crore due from the company, even though Vijay Mallya has resigned from the chairman’s post following an agreement reached on Thursday. Mallya decided to leave the post of chairman and non-executive director of USL after its parent, Diageo agreed to pay $75 million to him in lieu of a non-compete agreement signed with him. Last July, USL had said that UB Holdings, the holding company owned by Mallya, owed the spirits company an amount of ₹1,337.4 crore and it will pursue the case to recover it. This was disclosed by Chief Executive Officer of USL, Anand Kripalu, during an analyst call on Friday.