Bengaluru, Dec 2: Looks like good times may be finally over for UB Group chairman Vijay Mallya as he resigned from the post of director at the Mangalore Chemicals and Fertilizers Ltd (MCFL) on Monday.
On the other hand, the Ministry of Corporate Affairs also rejected the re-appointment of Mallya as the Managing Director of Kingfisher Airlines even as pressure mounts on him to repay the company's debts.
The re-appointment application was rejected by the Ministry and no details were given on the reason for the rejection.
Meanwhile, MCFL did not cite any reasons for Mallya's resignation. However Mallya's resignation and Ministry of corporate affairs rejecting his re-appointment maybe related to the action that classifies Mallya as a 'willful defaulter.'
UCO Bank had earlier declared Mallya as a wilful defaulter after Kingfisher Airlines was under a huge debt of Rs 9,118 crores. The situation got worse when the employess of the airlines weren't being paid their salaries and the airline had to be grounded since Oct 2012.