Top court orders 'status quo' in United Spirits-Diageo deal

NEW DELHI Mon Feb 10, 2014 2:05pm IST

Tripods of television crew stand in front of the Supreme Court building in New Delhi December 7, 2010. REUTERS/B Mathur/Files

Tripods of television crew stand in front of the Supreme Court building in New Delhi December 7, 2010.

Credit: Reuters/B Mathur/Files

Related Topics

Stocks

   

NEW DELHI (Reuters) - The Supreme Court on Monday directed that the "status quo" be maintained in the sale of United Spirits(UNSP.NS) to British group Diageo Plc (DGE.L) until April, when the court will hear the matter again.

In December, a regional Indian court ordered the annulment of the sale in response to a petition by creditors of United Breweries Holdings(UBHL.NS), which sold its stake in United Spirits to Diageo through a complicated share transaction.

Diageo had said it will appeal the decision.

The Supreme Court issued a notice to both United Spirits and Diageo on Monday and said it would hear the matter at length.

Diageo completed its takeover of United Spirits in July, almost eight months after the companies announced the deal because of legal and regulatory difficulties.

(Reporting by Suchitra Mohanty; Writing by Nandita Bose)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

RBI Policy Review

RBI Policy Review

RBI keeps rates on hold, warns on inflation  Full Article 

Monsoon Season

Monsoon Season

India's 2014 monsoon ends with double-digit rain deficit .  Full Article 

Cleanliness Drive

Cleanliness Drive

Modi orders officials to clean loos on Gandhi's birthday.  Full Article 

Bid to Boost Trading

Bid to Boost Trading

RBI takes small steps to deepen markets.  Full Article 

Car Recall

Car Recall

Maruti Suzuki says to recall 69,555 cars.  Full Article 

China Factory Data

China Factory Data

China final HSBC PMI steady in September on stronger global demand but risks remain  Full Article 

Oil Demand

Oil Demand

India's thirst for oil grows even as China cuts back  Video 

EBay Divests PayPal

EBay Divests PayPal

EBay to spinoff PayPal in 2015  Full Article 

New 'Windows'

New 'Windows'

Microsoft names next operating system 'Windows 10'.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage