to alleged financial irregularities mallya had refused to step down citing contracts between him and diageo and had threatened to move courts but his resistance was seen as a losing battle as diageo controlled the board and held a 55 stake in the companymallya had indicated in usls agm in november he would consider retirement after turning 60 mallyas exit agreement also settles all claims concerning the alleged irregularities disclosed by usl in aprilmallya however continues to remain as the chairman of united breweries ubl in which he has allowed dutch beer giant heineken to emerge as the largest shareholder another company ub holdings the parent of kingfisher airlines has no significant revenue streams except some rentyielding commercial real estate assets