The company said it will appoint a new Chairman at the next Board meeting.
Banks tighten hold on Mallya for defaults on KFA loans
Government's move to hire UK arbitrator follows poor track record of India in extraditing offenders from Britain
The final hearing in the case at the London magistrate's court to extradite Mallya to India is scheduled later this month.
Mallya left the country on March 2 and has had his passport revoked.
Delivering the verdict, Westminster Magistrates' Court Chief Magistrate Judge Emma Arbuthnot said that there was "no sign of a false case being mounted against him".
Troubled business tycoon Vijay Mallya, on Sunday, asserted that his stepping down as chairman of the United Spirits Ltd will not affect his control in Formula One team, Sahara Force India.
The lenders, led by State Bank of India (SBI), are due to inform the Supreme Court of their decision on the offer at a hearing on Thursday.
In the 25-page defence evidence affidavit, which was served to the UK Crown Prosecution Service, Mallya is learnt to have alleged that his was a case of "political vendetta" and "loss-making business".
The next phase is when factors such as prison conditions in India are likely to take centre-stage.
Kingfisher to be lager partner at ICC Champions Trophy to be played in UK.
Sources said Mallya has also been asked to furnish documents related to his personal finances
The deal comes at a huge cost to minority shareholders who have till date lost close to Rs 5,500 crore that were written off United Spirits' books
Mexican Sergio Perez and Germany's Nico Hulkenberg are staying at Force India next season, the Formula One team's co-owner Vijay Mallya told Reuters. "I can confirm that both the drivers are signed up for 2017," Mallya said at the British Grand Prix. "They are a fine pair, both absolutely top class. I've never believed in 'pay drivers' where talent or ability is compromised," he added.
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
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Diageo, which recently coughed up a total of Rs 18,000 crore (Rs 180 billion) to take majority control of USL, seems to have a lot of faith in him.
Speaking to reporters Mallya said, "It will all become clear in court".
As his personal wealth started booming, Mallya went on a buying spree.
The apex court directed Mallya, who is currently in the United Kingdom, to appear before it on July 10 to argue on the quantum of punishment in the matter.
The Enforcement Directorate (ED) ED will soon seek an Interpol arrest warrant against liquor baron Vijay Mallya based on a non-bailable warrant issued on Monday by a Mumbai court in a money laundering case.
Mallya took a dig at Chaudhuri by saying, while the SBI chairman had all guns blazing on loan recovery, all his guns were blazing on restart and rehabilitation of the airline.
The enforcement agency had received queries from the Interpol to this effect in May last week.
Frustrated over not getting salary for last 10 months, Kingfisher Airlines employees on Wednesday asked the government to prosecute promoter Vijay Mallya and threatened to disrupt IPL matches.
The court imposed Rs 10 lakh as costs on Mallya in the case.
Media reports this week suggested that British energy drink firm Rich Energy was leading a consortium seeking to purchase the Silverstone-based team for 200 million pounds ($278.66 million).
The Attorney General said that Mallya has not disclosed full details of his assets.
The company contented before the tribunal that the amount was paid outside India.
Force India F1 team rule out name change this year
The details Mallya filed earlier in his disclosure statement about his foreign properties do not have reference of cash in hand or bank details
'It isn't as if I have any emotional ups and downs. I have done absolutely nothing wrong. In fact I am glad that it is finally before a UK court and an impartial court. So we wait and see how it plays out' 'If you look at my role in the team, there's nothing for me to miss. I am participating in all the decision-making and I've got a virtual pit wall at home. I miss being around but I'm also happy in my space. My time will come and I'll go back to the tracks'
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
Union Home Secretary Rajiv Mehrishi raised the issue of early completion of the extradition process of Mallya, during his talks in New Delhi with his UK counterpart Patsy Wilkinson, the second permanent secretary in the British home office.
Mallya's Kingfisher Airlines has been accused of defaulting bank loans of over Rs 9,400 crore.
The company secured independent valuation for these properties and had shared the same with Mallya
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
Ritu Mallya, step mother of Vijay Mallya, has joined the board of Mangalore Chemicals and Fertilisers.
Mallya is a fugitive from justice in India, Attorney General Mukul Rohatgi told the Supreme Court.
'I don't think government needs to arrest him'.
Royal Challengers Bangalore captain Virat Kohli remembered 'controversial' former franchise director Vijay Mallya for picking him in the team and providing an opportunity to rub shoulders with the world's best players. "My association with RCB has been special as it has been exciting from the first season. I was chosen to play for RCB by Mr Mallya. I have learnt so much and getting to play with the world's best players. "I am welcomed here warmly, I love this franchise, the city, fans, deep connection," he told reporters on the eve of his team's face-off with Sunrisers Hyderabad at Chinnaswamy stadium in Bengaluru. Mallya, who has defaulted in loans in excess of Rs 9000 crore, is facing probe by various investigative agencies. The 60-year-old bought RCB in 2008 but the popular franchise has not been able to win a single Indian Premier League title in eight attempts.
