Mangalore Chemicals and Fertilizers shares reacted favourably to the resignation on the Bombay Stock Exchange and rose 7.65% to Rs89.25
UB group chairman, Vijay Mallya has quit as a director of Mangalore Chemicals & Fertilizers (MCF). MCF has informed BSE that Mallya, a director on the board of the company, has resigned with immediate effect. Mallya was the chairman of the company.
Mangalore Chemicals and Fertilizers shares reacted favourably to the resignation on the Bombay Stock Exchange and rose 7.65% to Rs89.25.
The company has been in the middle of a takeover tussle between Deepak Fertilizers and Kolkata-based Adventz group — the latter known to be a Mallya supporter.
Under a deal signed in May 2014, UB Group Chairman Mallya was to have a considerable say in the management of MCF, even if Saroj Poddar’s Adventz group gained control of the company after its bidding war with Deepak Fertilizers.
Recently, Deepak Fertilizer’s bid to acquire 26% additional stake had failed and Mallya had retained control over the company. Currently, Deepak Fertilizers holds 32% stake in the company, Zuari 16%, UB Group 22% and the rest by public shareholders.
In terms of other woes, shares of India's grounded Kingfisher Airlines face suspension, stock exchanges have announced, hammering another nail in the coffin of the carrier founded by Mallya. The heavily indebted airline, once India's second-largest by passenger share, has never turned a profit since its launch in 2005. The company has defaulted on payments to banks, airports and leasing firms and employees, and owners of its planes have taken many of them back.
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