UB Group promoter Vijay Mallya has stepped down from the board of Mangalore Chemicals and Fertilisers (MCF), according to a stock market notification.
The company did not explain the reasons behind Mallya's exit from the board.
Mallya was under pressure to quit due to ongoing "wilful defaulter'' proceedings initiated by lenders.
Meanwhile, rumour is rife that Saroj Poddar of Adventz Group may be on the board of MCF. Mallya joined hands with Poddar to thwart the hostile acquisition bid of MCF by Deepak Fertilisers. Efforts to contact Poddar for clarification remained unsuccessful.