Vijay Mallya resigns as Force India director

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Vijay Mallya has stood down as a director of the Force India Formula One team but plans to continue in his role as team principal.

Mallya remains a co-owner of the team but has resigned as managing director, saying he has his "own legal issues to take care of". In an interview with Autosport, Mallya said he would he would be replaced on the board by his 31-year-old son Siddarth.

"My son Siddarth has been appointed instead of me on the board of Force India," he told Autosport. "That's it. And I continue as team principal.

"There was no compulsion anywhere to resign, it's just that I decided that my son should replace me. I have my own legal issues to take care of, so it's better that the company remains unaffected. It's better that my son replaces me."

Indian authorities are currently seeking Mallya's extradition from the U.K. to face charges of fraud and money laundering in his home country. The next hearing in Mallya's ongoing extradition trial is set for July 11 at the Westminster Magistrate's Court in London. Earlier this month Mallya lost a separate lawsuit in the U.K. filed by Indian banks seeking to collect more than £1.15 billion.

Since being arrested last year, Mallya has been unable to leave the U.K. and fulfils his role as team principal from his house. Deputy team principal Bob Fernley and COO Otmar Szafnauer oversee the running of the team at races.

The news comes after a slow start to Force India's championship campaign this year, although a podium at the Azerbaijan Grand Prix and a sixth place finish in Monaco have helped propel the team to sixth in the standings.

Mallya owns a 42.5 percent share in the Force India Formula One team, with a further 42.5 percent owned by the Sahara Group's Subrata Roy, who was released on parole in May last year after being imprisoned in 2014 for failing to return deposits to Sahara Group investors under a court order. The Mol family owns the remaining 15 percent of the F1 team.