Vijay Mallya has stepped down as the chairman of one of the biggest Pharma company Sanofi India. It has been 33 years since he has assumed this post. Vijay Mallya said that he will not be seeking a re-election as a director in the company’s annual general meeting. He became the director of the company in December 1973 and became the Chairman after 10 years. Sanofi was earlier known as the Hoechst Pharmaceuticals.
Vijay Mallya said, “I have been privileged to preside over the board of the company, which started as Hoechst Pharmaceuticals and to have participated in its phenomenal growth and prosperity over such an extraordinarily long period of time. It was gratifying that the company continued serving needy patients in India with world class medication while ensuring consistent returns to all stakeholders. I have decided to step down from my responsibilities and therefore will not be seeking as a director for the forthcoming meeting.”
He further continued that having been the director of the company for over 42 years and Chairman of the board for over 32 years, he has now decided that it is now time for him to retire.
As of now, Mallya is under debt and has to repay more than $1 billion to several banks of India. He left India on March 2 this year, after signing a deal with Diageo Plc and they agreed to pay him $75 million for stepping down as the Chairman of the United Spirits Ltd.
According to Sanofi, Aditya Narayan, former chief of the miner BHP biliton India, will be elected as the new chairman.
Vijay Mallya is wanted by the Enforcement Directorate as he is under debt. The king of good times, says that he is not absconding. But, as a businessman, he is abroad on a business trip and will return by March end.