Top court orders 'status quo' in United Spirits-Diageo deal
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)
- Tweet this
- Share this
- Digg this
- In India, rice replaces ice in bucket challenge
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- UPDATE 3-Negative euro overnight rates show cracks in banking system
- India's growth speeds up in after-glow of Modi's triumph
- Indian power station coal stocks lowest since 2012 blackouts
India's economy grew by a faster-than-expected 5.7 percent in the three months through June, its fastest pace in two-and-a- half years, helped by a rebound in manufacturing and mining sectors, government data showed on Friday. Full Article
In race for bigger margins, drug makers willing to lose the India "advantage". Full Article