Apex court to hear all seven appeals in Diageo-USL case on January 31

Written by fe Bureau | New Delhi | Updated: Jan 21 2014, 10:38am hrs
The Supreme Court has said it will hear on January 31 all seven appeals filed by British spirits group Diageo and the UB Group challenging the Karnataka High Court's order that annulled the sale of 6.9% stake (10.14 million shares) in United Spirits (USL) to the foreign firm by guarantor United Breweries (Holdings). Senior counsel Mukul Rohatgi, appearing for Diageo, argued before a bench headed by Justice AK Patnaik that no prejudice can be caused to a foreign investor and its R1,500 crore investment had gone down the drains. Besides, the transaction with Vijay Mallyas UB Group took place after all the necessary clearances from RBI, Sebi, Competition Commission of India and other regulatory authorities, he added. The HC had said lenders have a claim over guarantor's assets.