Motor racing: Mallya resigns as Force India F1 director
LONDON (Reuters) – Co-owner Vijay Mallya has resigned as a director of the Drive India Formulation One staff however will proceed to function principal and shareholder.
“I proceed as staff principal,” the beleaguered businessman instructed the Motorsport.com web site on Thursday. “There was no compulsion wherever to resign, it’s simply that I made a decision that my son ought to exchange me.
“I’ve my very own authorized points to handle. So it’s higher that the corporate stays unaffected.”
Mallya, who lives in Britain, is preventing a court docket battle to stop his extradition to India to face expenses of fraud.
The 62-year-old Indian, who denies wrongdoing, stands accused of fraudulently palming off losses from his now defunct Kingfisher Airways on to banks by taking out loans he had no intention of repaying.
A “termination of a director appointment” discover was listed underneath the staff’s filings on the Firms Home web site. The date of termination was Might 25.
There was no point out of his son, Siddharth, being appointed in his place.
Reporting by Alan Baldwin, modifying by Ed Osmond