Co-owner Vijay Mallya has resigned as a director of the Force India Formula One team but will proceed to serve as principal and shareholder.
“I proceed as team principal,” the beleaguered businessman told the Motorsport.com web site on Thursday. “There was no compulsion anyplace to resign, it’s just that I determined that my son will have to exchange me.
“I have my own legal issues to care for. So it’s higher that the corporate stays unaffected.”
Mallya, who lives in Britain, is combating a court docket combat to stop his extradition to India to face fees of fraud.
The 62-year-old Indian, who denies wrongdoing, stands accused of fraudulently palming off losses from his now defunct Kingfisher Airlines directly to banks via taking away loans he had no intention of repaying.
A “termination of a director appointment” realize was listed beneath the team’s filings on the Companies House web site. The date of termination was May 25.
There was no point out of his son, Siddharth, being appointed in his place.
“I proceed as team principal,” the beleaguered businessman told the Motorsport.com web site on Thursday. “There was no compulsion anyplace to resign, it’s just that I determined that my son will have to exchange me.
“I have my own legal issues to care for. So it’s higher that the corporate stays unaffected.”
Mallya, who lives in Britain, is combating a court docket combat to stop his extradition to India to face fees of fraud.
The 62-year-old Indian, who denies wrongdoing, stands accused of fraudulently palming off losses from his now defunct Kingfisher Airlines directly to banks via taking away loans he had no intention of repaying.
A “termination of a director appointment” realize was listed beneath the team’s filings on the Companies House web site. The date of termination was May 25.
There was no point out of his son, Siddharth, being appointed in his place.
Mallya resigns as Force India F1 director
![Mallya resigns as Force India F1 director]()
Reviewed by Kailash
on
June 02, 2018
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