UB Group chief Vijay Mallya has stepped down as non-executive independent director at healthcare and agriculture firm Bayer CropScience Ltd.

In a BSE filing, Bayer CropScience said it has received the resignation intimation from Mallya, wherein he has resigned from the board of the company as a non-executive independent director with effect from June 30, 2016. The company did not cite any reasons for his resignation.

“Bayer CropScience Ltd regretfully accepts the voluntary resignation of Dr Vijay Mallya as its Director and Chairman. Dr. Mallya was appointed Chairman of the board in March 2004. During his tenure, Bayer CropScience has grown significantly into a market leading position. Bayer CropScience is extremely grateful for Dr Mallya’s professionalism, dedication and loyalty. Bayer CropScience and its promoter, Bayer AG, thank Dr Mallya for his valuable service and wish him all the best for his future. Bayer CropScience Ltd will appoint a new Chairman at the next board meeting,” the company said in a statement.

In March, Mallya had stepped down as Chairman of drugmaker Sanofi India Ltd and said he will not seek reflection as a director at the company’s AGM.

Capital market regulator SEBI has made it harder for companies with a wilful defaulter on their boards to raise funds from the securities market, either as debt or equity. Effectively, companies will now be forced to show such directors the door if they wish to access the securities markets. Mallya was declared a wilful defaulter after he failed to pay back nearly ₹9,000 crore to various banks.

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