Vijay Mallya today quit as Chairman of United Spirits after its new majority owner Diageo agreed to pay Rs 515 crore. He was also freed from all liabilities over alleged financial lapses at the company founded by his family. This comes days after he was branded a willful defaulter by two public sector banks - State Bank of India and Punjab National Bank. That he's not loved by UB, acquired by Diageo is clear - they've been engaged in a bitter boardroom battle that ended today. Here's How The Royal Challengers Bangalore Is No Longer Vijay Mallya's Baby. This basically killed any hope of financial assistance he could have wrangled from banks or any other financial institutions. News of Mallya's departure has shot United Spirits up by 6.4 %! He inherited an empire that spanned beer, liquor, processed foods industries and chemicals. Mallya's 2005 foray into airlines is what ruined him. Kingfisher Airlines quickly became a disruptive force in the aviation force, powered by its reputation as India's only world-class airline. It was India's number 2 airline by market share. But it was running on fumes, literally - massive loans borrowed from both private and public sector - without realising how dangerous such a bet in the cut-throat aviation sector was. RBI Governor Hits Out At Mallya's Lavish Lifestyle, Despite Owing Indian Banks 7000+ Crores! 6 years later, he was thousands of crores in debt. 2009 - 2012 Kingfisher Airlines losses would span Rs.6,600 crore Debt: of over Rs.7,000 crore. Mallya Has Reportedly Hidden Rs 4,000 Crores From Bank Loans In Tax Havens Across The World. A 17-member consortium of banks, who lent about Rs. 7000 crore to Vijaya Mallya's Kingfisher Airlines, might only get back a pittance. Here's how much he owes the Indian economy: State Bank of India (SBI): Rs 155 crore (from Rs 1,623 crore) Punjab National Bank: Rs 800 crore Punjab National Bank: 800 crore IDBI Bank: Rs 800 crore Bank of India: Rs 650 crore Bank of Baroda: Rs 550 crore Central Bank of India: Rs 410 crore UCO Bank: Rs 320 crore Corporation Bank: Rs 310 crore State Bank of Mysore: Rs 150 crore Indian Overseas Bank: Rs 140 crore Federal Bank: Rs 90 crore Punjab & Sind Bank: Rs 60 crore Axis Bank: Rs 50 crore After Losing Kingfisher And Everything Else, Mallya Just Got Fined Rs. 10 Lakh