Vijay Mallya said that he is moving to England to be closer to his family following his resignation as the chairman of United Spirits Ltd (USL) and becoming its founder emeritus.
Mallya has also entered into a $75 million deal with British liquor major Diageo plc., the majority stakeholder of USL. He decided to put full stop to all the allegations over his relationship with Diageo and USL.
Diageo had earlier appointed global audit firm PricewaterhouseCoopers (PwC) India to do investigation of USL accounts following financial irregularities, which included writing off Rs 7,200 crore.
Diageo has agreed that Mallya will have no liability to the UK-based firm in relation to the findings of the alleged discrepancies and financial irregularities at the firm that had triggered a fight between them.
Mallya said the agreement he reached with both the firms would secure legacy of his family.