Vijay Mallya assured the board that he would settle dues with the banks and denied allegations of money laundering.
P&G faced flak for lagging behind competition where both multinationals and Indian players got aggressive with innovation and consumer focus.
Vijay Mallya ready to return to India if safety, freedom assured; Heineken supports new settlement offer
There had been speculation that Heineken will take control of UBL and ask Mallya to step down as chairman.
Bankers said they don't want to look conciliatory when everyone has Mallya cornered and therefore have not even responded on his latest offer of Rs 6,800 crore.
Ram Bharat: Meet Baba Ramdev's low-profile younger brother who handles Patanjali's day-to-day operations
Bharat has worked his way up the organisation & today teams of several functions including finance, human resource, production and supply chain report to him.
The Indian foreign ministry said it has started deportation proceedings but experts said this effort was likely to run into difficulties in the UK.
Compensation packages have been slashed by half or more while recruitment is also down by the same extent since the beginning of the year.
The search committee included Naik, Patel, Arvind chairman Sanjay Lalbhai and Pepsico India chairman D Shivakumar.
About half of the 56 NSE-listed companies that have yet to meet the rule are state-owned enterprises, according to PRIME Database.
Using the logo for any other purpose will be legally challenged by UB since it holds exclusive rights to the brand, the company warned.
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