Force India F1 Team founder and co-owner Dr. Vijay Mallya has resigned from his director’s post of the Silverstone-based outfit, it has been revealed. The documents under the UK Government shows his resignation was accepted on May 24.

However, the Indian businessman is still the director of two other companies named ‘Force India Formula One Limited’ and ‘Force India Brand Limited’. Mallya was appointed as director of the three companies on November 2009.

The Indian has been fighting an extradition case to India while he resides in the UK. He has been charged with fraud and money laundering as the Indian banks seek repayment of the loans which he took for his now-defunct Kingfisher Airlines.

The team has done well over the years finishing fourth twice despite their modest budget, but has suffered this season due to co-relation issues as they sit sixth in the standings in the fight against Renault, McLaren, Toro Rosso and Haas.

As per recent speculations, the team could be bought by UK’s Rich Energy Ltd – a Red Bull-like energy drinks company. Force India shot down the rumours back in February, however, the rumours rose to prominence again over the weekend in Monaco.

While Mallya’s resignation is accepted, its Indian co-owner from the Sahara Group, Subrata Roy continues on as the director of the team. Both Mallya and Roy are still majority shareholders of the team with Michiel Mol holding the remainder.

It is being reported that Mallya’s son Siddharth will takeover Vijay’s place in the board. The Mallya Jr. has been to F1 races in the past, but never played an official role. However, he played an active part in Vijay’s Indian Premier League’s cricket team Bangalore.

The team will release an official statement later today. More to follow.