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United Spirits' CFO and Executive Director PA Murali resigns

United Spirits (USL), the liquor firm, on Thursday said its Executive Director (ED) and Chief Financial Officer (CFO) P A Murali has resigned from the company.

twitter-logo PTI   New Delhi     Last Updated: April 23, 2015  | 13:57 IST
United Spirits' CFO and Executive Director PA Murali resigns
The firm, however, did not specify the reason behind Murali's resignation. (Picture for representation purpose only. Source: Reuters)

United Spirits (USL), the liquor firm, on Thursday said its Executive Director (ED) and Chief Financial Officer (CFO) P A Murali has resigned from the company.

"P A Murali has resigned as Executive Director and Chief Financial Officer of the company and from the Board of Directors of all subsidiaries of the company on which he was a Director," United Spirits said in a Bombay Stock Exchange (BSE) filing.

It further said: "The Board of Directors has accepted his resignation from the company."

The firm, however, did not specify the reason behind Murali's resignation.

Earlier this year, USL's minority shareholders had approved a proposal to enter into licensing and cost sharing agreements with certain subsidiaries of its parent firm Diageo.

The proposal included entering into licence for manufacture and sale agreements, distribution, cost sharing and other agreements by the company with its holding company Diageo.

USL is now controlled by world's largest spirits maker Diageo, which had acquired an additional 26 per cent share in USL for Rs 11,448.91 crore in July with an aim to take its total stake in the Indian firm to 54.78 per cent.

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