Co-owner Vijay Mallya has resigned as the Director of the Force India Formula One team but will continue to serve as principal and shareholder.
The beleaguered businessman told the media that there was no compulsion anywhere to resign and it was his sole decision to replace him by his son. He also added that he had his own legal issues to be taken care off thus he wanted the company to remain unaffected. Mallya denies wrong-doing and stands accused of fraudulently planing off losses from his now defunct Kingfisher Airlines on to banks by taking out loans he had no intention of repaying. Settled down in Britain, Mallya is fighting a court battle to prevent his extradition to India to face charges of fraud. A “termination of a director appointment” notice was listed under the team’s filings on the Companies House website. The date of termination was May 25. There was no mention of his son, Siddharth, being appointed in his place.