Supreme Court orders status quo on Diageo Plc-United Spirits deal

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A K Patnaik said the case will now be heard in April and issued notices to lenders led. Reuters A K Patnaik said the case will now be heard in April and issued notices to lenders led. Reuters
SummaryA K Patnaik said the case will now be heard in April and issued notices to lenders led...

The Supreme Court has ordered status quo on the Diageo Plc-United Spirits Ltd deal without disturbing the hearing before the company court on the winding up petitions of UB group companies for paying dues to lenders.

A bench headed by Justice A K Patnaik said the case will now be heard in April and issued notices to lenders led by the State Bank of India (SBI) seeking their responses to the petitions of industrialist Vijay Mallya-led United Breweries Holdings Ltd and UK distiller Diageo Plc.

Advocate appearing for SBI also alleged in the court that there was "gross under-valuation" of shares of United Spirits in the deal with Diageo.

United Breweries Holdings Ltd and Diageo Plc had moved the apex court challenging the Karnataka High Court's December 20, 2013 verdict that had held sale of United Spirits' shares to Diageo as null and void in view of the winding up petitions pending against United Breweries.

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