Diageo Plc has started exercising its powers as the largest shareholder in United Spirits Ltd (USL) by moving as many as 100 UB Group executives off the payrolls of India’s largest distiller—a clear indication that UB Group chairman Vijay Mallya no longer calls the shots at the company.
Diageo took 50 people, who held positions at the UB Group, off the payrolls of United Spirits last week. The executives were transferred to United Breweries Holdings Ltd (UBHL), the UB Group’s holding company. The people who were transferred included UB Group chief financial officer Ravi Nedungadi, UBHL managing director Harish Bhat, Kingfisher Airlines Ltd’s company secretary Bharath Raghavan, UB Group spokesperson Prakash Mirpuri, Kingfisher Airlines chief financial officer A. Raghunathan and R.N. Pillai, a senior executive in the UB Group’s finance division.
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