Bengaluru: It was a day of setbacks for UB Group Chairman Vijay Mallya. The corporate affairs ministry rejected an application by Kingfisher Airlines to re-appoint him as the MD. In a parallel development, Mr. Mallya resigned as a director of Mangalore Chemicals and Fertilizers Ltd (MCF) without citing any reasons.

Kingfisher Airlines started operations in May 2005 and stopped in October 2012. The company had made an application under Section 269 of the Companies Act, 1956, seeking approval of the Central government for re-appointment of Vijay Mallya as the Managing Director for a period of five years from October 16, 2013 without remuneration. The company did not give details about the Centre’s decision to reject the application.

Mallya has been declared a wilful defaulter by a few banks for failing to repay loans amounting to around Rs. 7,500 crore taken from a consortium led by State Bank of India.

As of now, he remains the chairman of USL, United Breweries, UB Holdings and UB Engineering.