- Heineken International buys United Breweries Ltd shares for Rs 275 crHeineken inches past Vijay Mallya to become top shareholder in United BreweriesKingfisher Airlines dues: Income-Tax Dept asserts first claim on dues recovery from Vijay Mallya's firmCourt rejects Vijay Mallya's United Breweries Ltd plea on BNP Paribas' petition
guarantees. Apart from the Rs 250 crore already deposited, the bench also ordered that Rs 379 crore, the sum remaining from UBHLís receipts of Rs 1,460.37 crore from its share sale, be deposited in the court. The disbursal of the amounts will be decided by the court after disposal of the petitions, it said.
The UBHL may appeal against the order before the Supreme Court. "We will take all necessary steps to protect Diageoís interests as well as our own," Mallya said in response to the courtís ruling.
A Diageo spokesperson said, ďWe are awaiting receipt of the detailed written order of the division bench. We do not believe that there are any grounds for declaring the sale of the 10,141,437 shares in United Spirits Limited purchased by Diageo on July 4, 2013, from United Breweries (Holdings) Limited (UBHL) as void. We are disappointed to hear that the court has over-ruled the previous order of the High Court of Karnataka granting leave to UBHL under sections 536 and 537 of the Indian Companies Act in respect of the five winding up petitions then pending against UBHL to enable the sale of the USL shares by UBHL to take place. We are also disappointed, as a bona fide purchaser for value of the USL shares, that we have been brought into the private dispute between Kingfisher Airlines and its creditors. Once we receive the full written order of the Court of Appeal, we will review the detail of that order. We confirm that we intend to appeal the matter further.Ē
Analysts maintained that the deal would not come apart as some arrangement is likely to be worked out between Mallya and Diageo. ďAt its worst this will result in Diageoís stake coming down in USL. We feel something will be worked out and donít see any threat to the deal," said V Srinivasan, research analyst at Angel Broking. According to the arrangement between Mallya and Diageo, in the event of the latter not having majority control in USL, UBHL would vote its remaining shareholding in USL as directed by Diageo for a period of