Submitted by alvin on Fri, 2016-02-26 16:54 Bengaluru: After a bitter battle with Diageo, liquor baron Vijay Mallya has finally resigned from United Spirits. The former king of good times was offered $75mn (Rs515 crore) to walk away from the company and Mallya accepted it. “Diageo has entered into an agreement with Dr Vijay Mallya under which he has resigned from his position as Chairman and non-executive director of United Spirits Limited ("USL") and from the boards of other USL group companies. Following Dr Mallya's resignation, the USL board will appoint Mahendra Kumar Sharma, currently independent non-executive director and Chairman of the Audit Committee of USL, as Chairman of USL,” said a statement issued by Diageo. Along with “a five-year global non-compete, non-interference and standstill arrangement with Dr Mallya”, Diageo has also “extended Smirnoff's sponsorship of the Force India Formula 1 team”, said the statement. According to reports, Diageo had been seeking Mallya’s resignation after an internal audit reportedly unearthed financial irregularities in the company. But Mallya refused to budge. Mallya in a statement said: “Having recently turned 60, I have decided to spend more time in England, closer to my children.” Kingfisher Airlines, which triggered the downfall of the flamboyant tycoon, still owes more than Rs7,000 crore to over 15 banks and, according to reports, long overdue salaries to some 1,500 employees.