Indebted Tycoon Vijay Mallya To Step Down As Sanofi India Chairman

Mumbai: Indian business tycoon Vijay Mallya, under pressure from banks to repay more than dollar 1 billion owed by his collapsed airline, has decided to not seek re-election as chairman of French drugmaker Sanofi's India unit, the company said. Mallya, distracted by investigation into non-repayment of loans by his Kingfisher Airlines, has chaired the business since December 1983. Sanofi India's board has recommended a resolution be...