Vijay Mallya has resigned from the post of chairman of alcoholic beverages company United Spirits. The 60-year-old will become the "Founder Emeritus" of the company, reported PTI. The liquor baron added that he has agreed a mutual release with both United Spirits and its parent organisation, Diageo, from claims concerning alleged irregularities disclosed in 2015, reported Reuters. Diageo said that the honorary title of Founder Emeritus has no authority, responsibility, rights and benefits in the company, reported CNBCTV18.

Mallya said in a statement, "Having recently turned 60, I have decided to spend more time in England, closer to my children. The time has now come for me to move on...I am resigning my position with immediate effect." Mallya also said he will be the "chief mentor" of the Royal Challengers Bangalore team in the Indian Premier League.